Up-date of June, 27 publication on Oil
The second W-leg did not move down to $36.80 but only to $37.50. But the W-pattern developed alright.
Price moved out of the sub-channel and is trending sideways, resting on the 0.236 Fib support. The expected down-leg did not materialize in the way as I expected it, which was a retracement to the 0.382 Fib level. I see that as a bullish argument for a higher price movement although it's a weak argument.
Price is expected to follow more the yellow lines because of above situation.
My bullish expectations are still there as long price is sitting on the RENKO support (horizontal dark green line) and my reach the target of aprox. $44 hopefully, which is another strong RENKO resistance zone (horizontal dark green line).
Nothing wrong at the moment. Physically, stocks are normalizing from July onward.
Price moved out of the sub-channel and is trending sideways, resting on the 0.236 Fib support. The expected down-leg did not materialize in the way as I expected it, which was a retracement to the 0.382 Fib level. I see that as a bullish argument for a higher price movement although it's a weak argument.
Price is expected to follow more the yellow lines because of above situation.
My bullish expectations are still there as long price is sitting on the RENKO support (horizontal dark green line) and my reach the target of aprox. $44 hopefully, which is another strong RENKO resistance zone (horizontal dark green line).
Nothing wrong at the moment. Physically, stocks are normalizing from July onward.