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Oil, long held target below $37.75 remains

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Near term crude oil outlook: The market has indeed continued sharply lower from the Nov 3rd high at $48.36 and "ideal" area to form a more important top (see email from that day), with declines toward that Aug 24th low at $37.75 and even below still favored. Note that the action from Aug is seen as a large correction (wave 4 in the decline from the May 6th high at $62.58), was "completed" at the Oct 9th high at $50.92 (A-B-C), and targets those new lows. Weak technicals (see sell mode on the

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