This morning oil had an aggressive selloff...again...at $70.20.
The selloff was not just aggressive...but textbook.
Oil posted a 3 wave correction with C wave of equal length to A wave...stopping on the screws at 67.80.
There is a lot of accumulation happening now between $68.05 and $68.15.
There may be some stop loss hunting as the institutions soak up liquidity...but I expect a resumption to the upside soon.
The selloff was not just aggressive...but textbook.
Oil posted a 3 wave correction with C wave of equal length to A wave...stopping on the screws at 67.80.
There is a lot of accumulation happening now between $68.05 and $68.15.
There may be some stop loss hunting as the institutions soak up liquidity...but I expect a resumption to the upside soon.