I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
Nota
Alas, it was COVID-19... only Bill Gates himself would have been able to predict that!Nota
C- wave was a 1.382 Fib extension of A... i'm guessing we saw this extension due to extreme fears in the market given the pandemic response and subsequent shut downs. Please note the timeline for the drop, however. This was in the cards long before anyone was aware that a pandemic was around the corner... 1.0 to .768 Fib level may have played out otherwise. Price and sentiment drives major markets for the most part. News and talking heads are usually an excuse, after the fact.
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.