Ape

Don't Even Think About Going Long Oil Until You See This....

NYMEX:CL1!   Light Crude Oil Futures
858 11 8
Oil             has not seen this kind of sharp decline since 2008 when oil             plummeted from its' all time highs to less then 35 a barrel . With the dollar continuing its' historical run up, there does not appear to be an end in site for this decline in oil             . I would not even think about going long oil             until we see a solid 2-3 months worth of consolidation to form some kind of base for oil             to rebound from. Bears are in full control right now, just be patient as oil             will eventually present itself with an incredible buying opportunity, but that time is not now.
ANY UPDATE PLEASE ?
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Ape AMBRISH
I will send out an update by the end of the day. I am more then happy to give input to help out members of the trading community!
+1 Reply
THANKS , I WILL WAIT FOR UPDATE.
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Agreed, not in the business of catching falling knives either. After a drop like this, it'll need a bit of consolidation before any up moves.
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I agree.Patience in this case is the best counselor.
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jangseohee Barabaszek
to have higher probability of tagging into a trend reversal, we need to see a Monthly candle of high spin wave DOJI with short body but both upper and lower wicks dragged long
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4 months ago...
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jangseohee jangseohee
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jangseohee jangseohee
It could be a V-shape like SPX
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Ape jangseohee
I really like this chart, it shows that each of the major bottoms took 2-3 months of consolidating before oil really took off, thanks for sharing!
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