The chart is still very bullish. I have included the Weis Wave now because it tells a great story, a bullish change in behavior and a light volume pullback. Divergences are everywhere, and everything is happening at a very important support level. I would be very surprised if OIL will not rally during the next couple of weeks.
Comments
LEONES
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Hi vlad, seems more a continuation of the bear trend
vlad.adrian
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After what happened today, I don't want to be long anymore, but I don't want to be short either.
virgotopia
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How you would consider entering long now, after today's strong rejection ?
vlad.adrian
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I don't understand what you mean. On those rejections you want to be long for sure
NicholasAmato
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how about now? Looks like rejection of the uptrend? I'm flat :/
vlad.adrian
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I would never short this market, ever. The chart still looks bullish
virgotopia
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Vlad: "After what happened today, I don't want to be long anymore"...
Virgo(2 days later): "How you would consider entering long now, after today's strong rejection ?"
My question was about that very bullish hammer on 2nd Oct that could make you re-consider " I don't want to be long anymore" position.
vlad.adrian
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Yes, I'm sorry, I was either in a rush or didn't read properly, cause my answer was confusing.
When I said I don't want to be long, it was on 30.09, the day OIL fell 4%. Then, when you asked me about that hammer, the chart looked even more bullish then it did when I first posted this chart. It's very annoying to change your bias on a daily basis, according to how the price moves, but that is the problem with my system. If I don't have a clear signal from a longer time frame, I change my bias on a daily basis. Besides that, I believe OIL is a very annoying market, very wobbly, with few trade-able signals for my trading system.
NicholasAmato
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The trend is your friend....
vlad.adrian
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It is my friend, but not when I see such a strong divergence.