Working in the oil & gas industry I've always wanted to plot an Elliott Wave idea with oil reaching $100, one that I felt was realistic and not pie in the sky...in my opinion oil is heading that direction now.
The exact 0.382 retracement level from $44,05 to $33,79 at the end of 2020 leads me to believe that was the end of wave 2 and the next retracement will begin at the 1.618 level around $77 for wave 4, before wave 5 towards $100.
I had a similar idea back when this move from $33 started (www.tradingview.com/...l-Elliott-Wave-Idea/) that this move could be wave 5 but its flown far beyond those levels and has me thinking this is wave 3 we are in now, and its not quite finished yet.
The exact 0.382 retracement level from $44,05 to $33,79 at the end of 2020 leads me to believe that was the end of wave 2 and the next retracement will begin at the 1.618 level around $77 for wave 4, before wave 5 towards $100.
I had a similar idea back when this move from $33 started (www.tradingview.com/...l-Elliott-Wave-Idea/) that this move could be wave 5 but its flown far beyond those levels and has me thinking this is wave 3 we are in now, and its not quite finished yet.
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Approaching the 1.618 level...amazing rise in oil price!
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Wave 3 target hit at $77
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Possibly ending wave 4 now.
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Wave 4 completed and wave 5 confirmed with a new high