Brent Crude Could Hit Between 41.60 and 46.60
Earlier I posted an updated map where I was expecting a simple ABC correction down to hit 31-32 (see related)
It emerged as double three WXY instead and the wave (X) ran deeper to retest the start of wave (W) making it classic flat correction.
It looks finished as wave C of (Y) unfolded as an Ending Diagonal.
It was broken up now and the calculated target is located in the area between 41.60 and 46.60.
Now all waves look clear as we completed large wave 4 and now market aims at wave 5 up.
It emerged as double three WXY instead and the wave (X) ran deeper to retest the start of wave (W) making it classic flat correction.
It looks finished as wave C of (Y) unfolded as an Ending Diagonal.
It was broken up now and the calculated target is located in the area between 41.60 and 46.60.
Now all waves look clear as we completed large wave 4 and now market aims at wave 5 up.
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daily tine frame bigger view
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Warning
It could be more complex consolidation
It could be more complex consolidation
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Updated map - we got triangle in wave 4 and the following break up started wave 5 with the updated target between 39.6 and 42.8
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Today's map
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I hope you enjoyed yesterday's map as it luckily played out with amazing accuracy
today another minor spike is expected but then be careful with larger wave 4 down
today another minor spike is expected but then be careful with larger wave 4 down
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Important observation - we got the gap on the daily chart
between 45 and 40 - as we know - market usually tends to fill in the gap - so the break above 40 could bring the price into 45 area quickly
between 45 and 40 - as we know - market usually tends to fill in the gap - so the break above 40 could bring the price into 45 area quickly
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Today's map
Another push higher after correction
Another push higher after correction
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Update - wave 4 could be in progress, better not to trade corrections
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Update
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Update
wave(4) emerged as a triangle and now price broke above the former top of 40.51
wave(4) emerged as a triangle and now price broke above the former top of 40.51
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the minimum target of 41.60 has been hit yesterday as we saw 42+
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Update
The last wave up is pending as I see the current consolidation to be expected before wave 4 as I posted update yesterday with the small count (yellow labels). The wave 3 extended more than I thought. The current wave 4 is already unfolded as flat correction and it can dip little bit more before final wave 5 to the upside starts. It can hit 43.40 as a target.
On June 2nd, I posted a comment under this idea that the gap between 40 and 45 could be filled quickly - so it is exactly happening these days as market drilling already above 42 level. Maybe 43.40 won't be enough as universe fills in the empty spaces.
The last wave up is pending as I see the current consolidation to be expected before wave 4 as I posted update yesterday with the small count (yellow labels). The wave 3 extended more than I thought. The current wave 4 is already unfolded as flat correction and it can dip little bit more before final wave 5 to the upside starts. It can hit 43.40 as a target.
On June 2nd, I posted a comment under this idea that the gap between 40 and 45 could be filled quickly - so it is exactly happening these days as market drilling already above 42 level. Maybe 43.40 won't be enough as universe fills in the empty spaces.
