Oil prices slide after triangle breakdown and Iran deal hopes

Gregor Horvat Wavetraders

Crude is coming down, breaking out of the range, coming out from an abcde triangle within wave B that we have been tracking for the last two to three months. We see price that it's breaking below the lower triangle line, so we should watch for more weakness within a higher degree wave C that can be made by a lower-degree five-wave bearish cycle. It broke lower into wave (3) after Trump said the US was close to reaching an agreement with Iran, boosting hopes for a diplomatic resolution, so beware of bearish continuation; just watch out for a new wave (4) correction, as it's trading in the 68-67 GAP area from the beginning of March. Resistance on the wave (4) rally is at 74-80.

At some point, we still think crude oil could even move towards the 67 area per barrel, which could be the first next major support, also based on a daily TF, where we see potential drop from the March high as a three-wave drop into wave E.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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