Tuesday, November 15, 2016

Intra_day Analysis: Crude Oil rally to $48.5?

Is the crude ready for a proper move upside? There is a good likelihood that crude will continue the recent intra day rally to $48.5.

15m Chart of Crude

The chart above was the entry chart we used yesterday when we forecast thus:

The chart above is the 15min chart which shows that price could continue downside to around $42 before a rally to around $48...........................We will wait for further dip to $42 and set to buy above $43.5.

Price did exactly- dipped to $42 zone and reversed to break above $43.5 (good bullish entry price) just as shown by the chart below.

With this clear break_out to the North, are we to see Crude rallying to $48.5?

Only time will tell.

There is one thing certain, we can follow up anyway price play out with the wave theory- proven to be the best technical market forecasting tool.

This kind of pattern is one of the things we will be discussing in the upcoming COMPLETE ELLIOTT WAVE COURSE/MENTORING. You can read more about it.

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