WaveTrack International

Elliott Wave Financial Price Forecasting

Betroleo Brasileiro price doubles within a month!

by m.tamosauskas| April 28, 2015 | No Comments

Two months ago we published Petroleo Brasileiro forecast calling for a major bottom to develop during the next few weeks. Two downside targets were measured basis our fib-price-ratio analysis and as it stands out the bottom was found near the lower range of it with a recorded low at 4.90. The following rejection to the upside and an immediate price-doubling are suggesting the completion of a 7-year counter-trend decline into this low. Step by step the ‘inflation-pop’ scenario is starting its course and commodity related assets, just like Petroleo Brasileiro, are expected to benefit the most:

150428_PBR

Short-term, the advance that began from the 4.90 low is taking a form of a five wave pattern, labelled as intermediate wave (1). A test towards 12.88+/- is expected during the next several weeks prior to beginning the balancing phase of the preceding advance (4.90-12.88+/-):

150426_Petroleo_Brasileiro

Keep in touch, we have much more to show! Or better – subscribe to the EW-Compass report to see how the ‘inflation-pop’ scenario is expected to develop in other asset classes.

Category: Commodities, Crude oil, Elliott Wave, Emerging Markets, Fibonacci Trading, Financial Forecasting, trading, WaveTrack International

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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