Founded in 1953 and based in Rio de Janeiro, Brazil; Petroleo Brasileiro engages in the exploration, drilling and production of oil & gas. Between May and December 2008, price action declined over 400% in value tracing a seemingly five-wave Elliott formation with a fifth wave extension. Current price action may be consolidating into a corrective a-b-c formation as part of a broader bullish inverse Head & Shoulders pattern.
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