NYMEX Crude Oil: bullish trend starts losing momentum

Discussion in 'Commodity Futures' started by BORAMOR, Mar 14, 2021.



    The bullish trend starts losing momentum.Technically speaking,There is a strong probability that we have seen the top of wave 3 at 67.79,a clear close below 63.10 will confirm it. After the completion of wave 3, a large downside correction is expected to take place to complete the wave 4 of the same degree.
    What might go wrong?
    A close above 67.79 means that wave 3 is not over yet and one more upside leg toward 68.80-69.00 could take place to complete the wave 3 before the market starts its wave 4 correction.

    crude oil may21 daily 2.png


    Crude is performing as anticipated. wave 3 topped at 67.79 and Wave 4 correction is taking place now.After the completion of wave 4, crude will resume rally to complete wave 5 of the same degree.

    crude oil may21 daily 3.png
  3. RedSun


    Then what?