A weak close going into final session of the weak. As discussed in previous posting, a bearish tone has been forecasted base on longer term wave structure. The weekly belt hold candle developing also suggest that Friday’s session closes at or near bottom of range. Weekly ATR of 30 has been achieved, however, It should be stated a rise of this indicator, current at lower end of range, could suggest a weekly close nearing 915. This would be the first major downside target which extends to 905. A rebound from this zone could play out. Longer term wave projection targets 750.
Previous commentaries have painted a bearish picture. This has outlook has not changed. Continued pressure targets +-300.0. This area could potentially to produce a rebound . Next support level checks in at 270.0. A weekly close above 315.0 has potential to extend to 333-340.
Outlook remains bearish. Although, not as confirming in the shorter time frames as the previous products. Oil closes right off support zone 31.90-31.60. A close below 31.4 triggers further weakness. Wave structure suggest lower prices. Final move ( wave v ) projections target +/- 23.00. Any recovery targets 35.00-36.00. A violation reaches for potential corrective Z wave high around 39.00.