Oil rallies after Triangle breakout sell off is coming
OIL
We can see a parabolic move from 40.00 to 36.10 after that some minor correction happened in a triangle range. From September 08 to September 15 its formed a triangle pattern and the pattern was just broke on sep 25 and the impulse wave is formed up to 41.50 level
At 41.50 formed a minor head and shoulder and felled towards 38.64 there its finds support from 200 Exponential moving average. And bounced back towards 40.20 there 50,100 EMA's acting as support for the bearish trend
key psychological level 40.00 will be a major hurdle for the bull
At 40.20 both the major right and left shoulder pattern has formed. Currently the price is trading below 23.6% Fibonacci Below which high volume zone will decide the further movement of OIL. After that 50% Fibonacci will act as major resistance
If the price broken below the 50% Fibonacci level the next target would be 37.27 which is 78.6%
On Elliot wave principal Currently the 03 wave is underway which is the longest among Elliot waves
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We can see a parabolic move from 40.00 to 36.10 after that some minor correction happened in a triangle range. From September 08 to September 15 its formed a triangle pattern and the pattern was just broke on sep 25 and the impulse wave is formed up to 41.50 level
At 41.50 formed a minor head and shoulder and felled towards 38.64 there its finds support from 200 Exponential moving average. And bounced back towards 40.20 there 50,100 EMA's acting as support for the bearish trend
key psychological level 40.00 will be a major hurdle for the bull
At 40.20 both the major right and left shoulder pattern has formed. Currently the price is trading below 23.6% Fibonacci Below which high volume zone will decide the further movement of OIL. After that 50% Fibonacci will act as major resistance
If the price broken below the 50% Fibonacci level the next target would be 37.27 which is 78.6%
On Elliot wave principal Currently the 03 wave is underway which is the longest among Elliot waves
If you found this idea helpful give us a like and do follow our profile so that you can get new ideas and trade setups
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