Crude Oil, page-2

Wondering whether we have a low locked in a little earlier than expected right here circa $36.39 ? If so then we add a couple of dollars to that initial target below on the next cyclical uptrend - not saying the next move has started but it is possible ! Worth noting as well strong overhead resistance sits at $75.00 - $80.00 on the immediate contract. Yet I see no technical reason why price couldn't achieve this zone over the next 9 - 12 months which will be hugely positive for OEL - especially if GC21 and Beluga come through with the goods. The resistance zone will be very tough to break through though, but who cares - price up towards the mid $70's again will be good enough for me !!!! E

'Just some quick technicals on Crude Oil - from an Elliott Wave perspective I've got it as a 5-wave completion at $44.01 on the 26th August off the April lows. So looking for a 3-wave counter trend move to unwind it. Wave equality is looking for $34.00 which has nice confluence to the wave-(iv) or a lesser degree lows around $35.00 which also lines up to the ending diagonal target. If we get the pullback completing here then we would be looking for strong buyer support to come back in at these lower levels. The next up cycle then targets $71.00 minimum by mid 2021. EW is a step by step process with each stage having to prove before the next stage takes over. So looking for $34.00 - $35.00 first, then watching to see if symmetry maintains and demand returns . E .'