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EW Cycles On Crude Oil After Iran News


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May 09 2018

Oil prices were very volatile yesterday after after US President Trump abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member. We have seen a spike lower but the most important was then a daily close which was back in green. Technically this is very important bullish evidence so ti appears that more upside can be coming on oil, possibly within an ending diagonal while market is above 67.60. But despite bullish continuation there may not be a lot of opportunities to the upside at this stage as bigger EW cycles can be slowly coming to an end based on daily and four chart.

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