I am still open for last tranche in Oil which will surely play out once it crosses 3rd wave top@49.35..We took a buy in previous update with stop slightly below 46.57( Which was initial leg down from 49.35 high & finally there was a new low @46.40
Surely, Oil should not go below 43.52 (5 ticks below)- crucial support - Any turn Above 43.52 should considered positive till 52$ + Range.
Trading Strategy- Either you take long above 49.35 for the zone 52$ & Above or let Oil fall in the zone 45.50-45.70$ - you see a sign of bullish reversal then take long.
Regards, Abhishek H.Singh, CMT
Comments
niteshkumar
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yes u r right for 45.5-45.7 buying but crab pattern will complete at 50.35 then short tgt 45.5 can come so be careful after 50.35 n its crab pattern completion only not expectation u r vvv good analysis i always watch i dont know how to post chart here if know then sure i will post crab pattern completion chart at 50.35 i may be wrong
niteshkumar
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abhishek but crab pattern will complete at 50.35 i know ur analysis is vvv good n i hv not done wave study
WaveTalks
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Hi Nitesh- I don't predict that will complete or not - It is other way round -I play after pattern is complete so for me I don't jump on every trade - kind of wait & watch type of trading I do. Here also, I am buying either above 49.35 or in the range 45.50--45.70. If goes above 49.35- It is bound to go above 50$.