#Oil = Daily Update = 05.01.2023 #WTI #commodities #usoil #CL $CL $WTI #oilandgas $oil #energy $xle #oott #fintwit

Oil perfectly hit the target set on December 20th, and possibly riding wave iii.

If we look at the candles,

we can see that the daily moved too far too fast in the preceding 2 days, and the commodity is likely taking a pause. The pause can last 1-3 days, moving the price horizontally or slightly upwards. An immediate drop tomorrow is also very probable.

I have been talking for a month about a possible Falling 3 Methods the weekly frame is setting. If this combo completes tomorrow, a move lower would be almost guaranteed.

Note that the monthly candle is about to cross the 200 monthly MA line, signaling a possible multi-month bear market.

The mid and long term paths and targets remain practically unchanged since September, as they outlined on the Mid Term Chart below (premium content).

A bigger picture and perspectives were discussed in Yearly Analysis:
https://investingangles.com/2023/01/01/oil-yearly-analysis-01-01-2023-wti-commodities-usoil-cl-cl-wti-oilandgas-oil-energy-fintwit-oott-crudeoil/

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