Global news can say whatever you want . It is not physical oil-2.80% . This are futures . and future's price is constituted by those who trade these futures - banks. There are 3 major traders in the market of oil-2.80% - JPMorgan , Goldman Sachs, Citi, in their turn they are getting money from the Federal Reserve System . And the Federal Reserve System has only two targets - to keep holding dollar as a the world's reserve currency and to make it stronger. That why in the first quarter of 2017 the oil-2.80% price will be 12
I don't know about $12.. but it will definitely fall as OPEC tries to scare Iran and Russia into respecting quotas in order to prop up global oil markets. Even $25 will be a phenomenal buying opportunity.
DenverNugt
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we have to much supplies , and only hope for cut production so = we go under 20 $ nice and slow 6 mount whip-saw : )
ashish.savla.3
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what is the second target of federal reserve??
EXCAVO
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dollar strengthened
ashish.savla.3
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what should be dollar target?
PITAGORAS
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very nice! the chart and the description. and I agree. tks =))
judderod
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I'm new to elliott so forgive my ignorance... It looks like your motive waves (red) are 3's and your correction (blue) is a 5?
EXCAVO
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elliott wave its 1-2-3-4-5 up and A-D-C down
Trendhopper
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Invalid chart my friend....1st wave has to be the shortest wave......I believe what you put as 1,2,3,4,5 is either all wave 1 and we arre now in wave 3 upward trend or more likely your 3,4,5 is all of wave 3 and we are now in wave 5.....