Almost 5 months ago I spotted Three Black Crows formed by oil on the monthly frame and suggested that a strong bearish move to follow. The hypothesis was greeted with a lot of skepticism which was probably a rather mild term.
Fast forward 5 months and we can see that oil already lost about 17% after the call. The main question right now is whether it stops here or continues further down. The signals last week were very clear.
In this weekly overview we will:
– evaluate technical indicators, candles, and recent events on various frames;
– discuss the long and mid term forecasts made with Elliott Waves.
By the way, since our big call on June 4, 2022 (just before the top), oil lost over 35% by now.
In December, InvestingAngles introduced daily reports on oil and we plan to maintain them among our regular features. Are you with us?
This post is part of the @InvestingAngles Series that covers the US and Global major indices, commodities and miners, bonds and volatility, crypto and currencies, and some large cap stocks.
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