(Please click on the charts to see them better)
Crude Oil:
With a low at 92.26 my wave iii target at 92.20 is fulfilled and I will now be looking for wave iv higher towards 94.82 and maybe even higher towards 95.61 before the final decline in wave v lower to the ideal target at 88.54
Has meet strong resistance at 4.30, which marks the possible neck-line of a large inverted S/H/S pattern. Once this neck-line is cleared then it should be a matter of time before resistance at 6.04 is tested. However, the target for the inverted S/H/S pattern is closer to 12.00.
We need to stay patient and wait for resistance at 4.30 to be cleared, but it should just be a matter of time.
h and s tg should be near6.7....neckline is at 4.3 add 2.4 equal to 6.7
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