WTI Crude Oil (USOIL): Not Bullish on Oil
SUMMARY
I'm not bullish on the WTI Crude Oil price to rise too much further than current levels. Primarily because the correction that started after the 5th wave extension is probably not yet complete. The below chart shows that the downdraft red A was swift and the red B retraced nearly 0.618 Fib level. Since then, the subwaves of red C has been being placed so that currently, red 4 might be getting its final touches. The upward wedge is also bearish. The final red 5 could equal the prior wave 2 of the impulse; which is much lower than the subwave 2 of the extended 5th.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Nice post .i just always enjoy your post.. If this particular post is to be true, I think it will be beneficial mostly to countries supplying the crude oil .. I think it will be a plus to us in Nigeria and at negative to those country importing it
Hey @Haejin! Congrats on BitcoinLive! Would still love to hear your insights on CGC (Canopy Growth) in the midst of Canada legalizing marijuana for recreational use. Perhaps WEED on TSX (same company, different exchange) might be a better chart for analysis. Any chance that can be added to the list of upcoming stock charts?
Great stuff haejin...thanks for your thoughts
Hoy su análisis... estuvo very good... gracias por compartirlo...