The last time I covered Indonesia Energy Corp was back in March 2022. The instrument had already done a 3 waves pullback from the peak, and was looking like a bottom was under way. Before I get into the charts, lets again take a look at what this company does:

“Indonesia Energy Corp is an independent energy company in the oil and gas business with operations primarily in Indonesia.

Our strategy is to build an oil and gas assets portfolio with an optimum mix between medium-sized producing blocks and exploration blocks with significant potential resources.

Indonesia Energy producing asset, Kruh Block, located in Pendopo, is a stable and positive cashflow generating oil asset. Our exploration play, Citarum Block, located in the most populated province in Indonesia, only 16 miles south of the capital city of Indonesia, Jakarta, is a de-risked asset with proven presence of hydrocarbons that offers an immense growth opportunity and downstream integration possibilities.

We are also conducting a joint study program to acquire an area that we believe to hold large amounts of crude oil due to its proven petroleum system and location on the Northwest Java basin, the Rangkas Area.” So lets take a look at the March 2022 view and see how it panned out.

Indonesia Energy Elliott Wave view from March 2022

INDO

As you can see above I was favouring the low was set. However the market had other plans and wanted to do a double correction. Instead, Indonesia Energy continued to extend lower in swings of 3 or 7. This is why it is important not to chase any reactions out of a low. If you chase, you risk getting caught in a drawdown situation. The only way to trade is the extreme areas where algos like to enter and exit.

So lets take a look at the current idea and see where things stand in this stock.

Indonesia Energy Elliott Wave view May 2022

INDO

Medium-term view. As mentioned above, the correction in Red II took place as a double correction. The market was not ready to continue rallying higher back in March. After the (W) got taken in price, more choppy action continued to take place before bottoming in ((W)) and bouncing in ((X)). After that, another decline took place. This decline came in 3 waves (A) (B) (C) and the low comes without momentum divergence. This suggests that this has chance for a larger bounce in 3 swing at least. From the low set on May 12/2022, the stock appears to be rallying impulsively. It is imporant not to chase any price action. Any long trades are now trading against the lows of May 12, should that low get violated, there is greater potential for much more downside to take place.

In conclusion, the next leg higher is favoured to be underway. As long as Red II low holds. If that low gets invalided, then the stock can grind even lower before resuming higher.

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 

EUR/USD News

GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 

GBP/USD News

Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures