JVtrading
Short

UKOIL - Consolidating before the Big One?

FX:UKOIL   CFDs on Crude Oil (Brent)
204 0 7
We had the DOHA meeting with a nice gap down but prices recovered and exceeded the gap.

Macro: Technically we just above the weekly down channel and in the middle ? of the daily up channel . In my opinion we are therefore in a Consollidation period. The world cannot agree agree on oil             prices. OPEC cannot agree. Producers cannot agree. The Yen is stronger than the BOJ would want. FOMC need inflation to 2% and the major factor is oil             . CAD is an 40% oil             dependant economy and is appreciating against the Dollar. Will the USA oil             start to come on-line?

In the end of the day OIL             will have to go up again to the 50 -70 lvl             . The question remain when will it happen. Short term to medium term I remain short on oil             but sooner than later we will have to start looking at Long
Comment: Is that a diagonal?

There seems to be a diagonal ( in my limited knowledge) after wave 5. I did not expect one instead i thought an abc correction will follow (flat or something special). Clearly there is abcde between 46.00 and 44 with a expected exceeding of wave 5 high.

This can be an ending formation on the bigger scale but ...hey ...this is oil...anything can happen

Good Luck
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