Aug 20 - calling this a potential bottom
From the top on July 6 until Aug 20, its a total of 45 days (crude oil turns on 45 days quite often).
The ABC correction comes in 3 waves and you can see the A and C waves are almost equal in price and both range are in multiples of 7 days (14=7*2, 21=7*3).
This bottom around 61.55 is also the bottom held May 21 (key date). May 20 is also supported by MA200.
I'll support this bottom in a later post on the Commodity Index after this post.
Keep it simple ... go long.
From the top on July 6 until Aug 20, its a total of 45 days (crude oil turns on 45 days quite often).
The ABC correction comes in 3 waves and you can see the A and C waves are almost equal in price and both range are in multiples of 7 days (14=7*2, 21=7*3).
This bottom around 61.55 is also the bottom held May 21 (key date). May 20 is also supported by MA200.
I'll support this bottom in a later post on the Commodity Index after this post.
Keep it simple ... go long.
Trade active:
As expected, crude rallied 5% on Aug 23.
