NYMEX:CL1!   Light Crude Oil Futures
455 3 1
Crude Oil             We were continously targeting our major target 36.75 for last 4 months and here we achieved our this Long term target successfully. With this Confidence and believe , we will move forward.
For Now 34.52 Is the next support where we will ideally place our wave (3) and then a new uppish short rally wave (4) will arise             which will encourage people to buy as they think bottom is been done but we know whats going on, It will soon place it wave (4) near 36-38 and then again come back down to print the final leg in the shape of ending diagonal and wave (5) as last wave and also here completed the corrective Wedge also in diagonal style counting wave (E) .
For now we expect price to visit 34.50 and then a small pullback expected as in picture we mentioned and then again next down moves expected in the shape of consolidations and may be it go near to even 33 also or early.
One thing is sure that Bottom is near and Our target 36.75 was done so here the race is just to find the right bottom.
We will have to wait for wave (4) and then next wave (5) then we will look for bottom findings.
Trading recommendations :
Small uppish rally expected from 34.55 and then wait for wave (4) and wave (5) to complete. Stay patience. At this time To go short or Long , both risky. We will stay patience for now on crude Oil             and do not recommend any trade this time.
Thank you. This was really helpful.
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Very good analysis. Thanks!
Reply
Very good analysis. Thanks!
Reply
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