wayusa

Bear after EIA report (first reaction may be a little bullish)

Short
NYMEX:CLH2017   CRUDE OIL FUTURES (MAR 2017)
The idea is on the chart
Perfect entry point would be 53.3x area
Stop 53.6
Target 49.2x (C of 5 = 1.618 A of 5)
Comment: Now I'm pretty sure that we will have another up leg to 53.4. Yesterday's bounce was to short in time to be wave E, it could be only A of E. Also waves (A) (C) and (E) tend to last longer then (B) and (D) as they are actionary waves of the triangle.

Comments

Hi there,

Love your charts - I try to use EW analysis as well and it is always good to see other ideas to confirm your thinking. I am also expecting a significant drop to 49x then a correction, then another significant drop - perhaps even to the 30s. (37?)
When I can make mine look a bit prettier I will publish too!
Thanks
Ed
Reply
wayusa climberEd
@climberEd, appreciate that!

True, this is helpful to see other counts, and to stay alerted on all the possibilities. Btw, I don't see other counts on 4h tf in oil right now. All the legs seems to be clear-cut, unlike say gold or any current pair. Would be great to see yours.

Keep up the EW work, see you around

Andrey
Reply
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