Hi Guys,
this is a bullish structure supporting the bull run that commenced at the end of July and accelerated throughout August after crossing the 2$ level.
The impulsive move labelled as Wave 3 has been clearly supported by the Kumo throughout August and started showing some weakness right at the end.
However, the Kumo is providing support once again at the beginning of September.
Also the RSI travelled above its median from the end of July confirming the bullish sentiment during this run and in conjunction with the Kumo is providing support with a rounding formation right on the median (50).
First of all please verify that the scenario/structure outlined in the chart fits in with your narrative. Then the following questions may find an answer:
(a) is the long impulsive movement finished? (if yes it will retrace, if not it will continue but in the meantime it could run sideway)
(b) can it be considered a wave 3?
(c) is it possibile that it will continue and extend further pushed by the Kumo?
(d) or is it time for a corrective move below the Kumo to form a 4th wave?
For your information on August 27th I had a bullish view with a target at 2.940 with an entry at 2.660 and a stop at 2.584 but I didn't take it because I was worried to find myself at the end of an extended 5th of wave 3 running into the weekly 200SMA.
A week has passed since and the price has not unfolded a corrective 4th whilst still pushing on the weekly 200SMA.
To note the divergence with RSI on the weekly chart.
What's your view? If you appreciate the idea please leave a comment, slap like now and start following me.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
this is a bullish structure supporting the bull run that commenced at the end of July and accelerated throughout August after crossing the 2$ level.
The impulsive move labelled as Wave 3 has been clearly supported by the Kumo throughout August and started showing some weakness right at the end.
However, the Kumo is providing support once again at the beginning of September.
Also the RSI travelled above its median from the end of July confirming the bullish sentiment during this run and in conjunction with the Kumo is providing support with a rounding formation right on the median (50).
First of all please verify that the scenario/structure outlined in the chart fits in with your narrative. Then the following questions may find an answer:
(a) is the long impulsive movement finished? (if yes it will retrace, if not it will continue but in the meantime it could run sideway)
(b) can it be considered a wave 3?
(c) is it possibile that it will continue and extend further pushed by the Kumo?
(d) or is it time for a corrective move below the Kumo to form a 4th wave?
For your information on August 27th I had a bullish view with a target at 2.940 with an entry at 2.660 and a stop at 2.584 but I didn't take it because I was worried to find myself at the end of an extended 5th of wave 3 running into the weekly 200SMA.
A week has passed since and the price has not unfolded a corrective 4th whilst still pushing on the weekly 200SMA.
What's your view? If you appreciate the idea please leave a comment, slap like now and start following me.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
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Here another idea in respect of this commodity shared by @CristianIacobone which is interesting and worth to pay attention to in my view. Thumb up and tx for sharing :)
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Big temperature changes ahead for the central US, even for a short periodo, could make demand to increase? www.zerohedge.com/co...central-us-next-week
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