Crude Oil Remains In Uptrend
Dec 11 2017
We know that crude oil is in strong uptrend since summer of this year, up around 40% in just a few months. If you are our member or if you are following some of our free analysis and charts on twitter, Facebook or even watch youtube videos then you know that we have been looking and talked about that move up already at the start of 2017. What I have noticed now, when market is finally in uptrend and showing a clear characteristic of an impulse, is that some are already trying to call a top here. Now ask yourself, is that a wise thing to do, or shall we rather just follow the path? Well, there is a formation of higher highs and higher swing lows so clearly I want to look in the direction of an uptrend. In fact, latest decline from above $59 level was only in three waves seen as wave four, so if you are familiar with EW patterns, then you know that fifth wave is in view and can finally hit and even pass important $60 per barrel. This leg up can already be in progress if we consider recent turn up from 55.70/80 that came from that trendline support, connected from October, so in our eyes oil remains in uptrend.
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