COVID marked the supercycle's low in oil. Since then, the price has rallied to form a [W] double zigzag consisting of (A)(B)(C).
Since February 2022, the price has been falling in a very choppy manner. Recent developments suggest that the price is forming an expanding diagonal.
When completed, I believe the price will drop to $60/bbl in 2025.
The alternative is that wave [X] has ended (in blue), and the price will gradually reach an all-time high (blue C).
Clarity is likely to emerge in late 2024. If the price breaks below the [iv] wave, the odds favour $60/bbl.
If the decline from [v] occurs in a corrective fashion, we will consider changing the base case for the multi-year bullish scenario.
Since February 2022, the price has been falling in a very choppy manner. Recent developments suggest that the price is forming an expanding diagonal.
When completed, I believe the price will drop to $60/bbl in 2025.
The alternative is that wave [X] has ended (in blue), and the price will gradually reach an all-time high (blue C).
Clarity is likely to emerge in late 2024. If the price breaks below the [iv] wave, the odds favour $60/bbl.
If the decline from [v] occurs in a corrective fashion, we will consider changing the base case for the multi-year bullish scenario.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.