So we have the end of wave 2 at 54.73 and the beginning of wave 3 of a new 12345 growth cycle. Wait for the end of microwave C at 57.2 and take a long position to 63.
Alex, can you update your chart? Do you think $63 is still possible?
AlexVisi
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- here is update.
Yes, i think it's still possible, imho. At that time Brent made full ABC correction cycle and now we are at the end of micro wave C (0.236 of Fibo). RSI index is at the lowest level. So, I think it's a good opportunity to take long position with stoploss at 55.6.
coolingla
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Do you have a chart showing bigger waves? Hard to figure out how your current chart fit into the bigger picture.
Your chart is interesting because it's suggesting a short term upward trend. I got the same result by studying the RSI indicator. Most other charts suggest immediate down turn, which seems to be too simplistic. Also, your chart seems to suggest that the final bottom is already in for Brent. I tend to think so too. For WTI though, there could be a final bottom within a month.
- here it is.
You are right saying that I think the final bottom is already in for Brent. Now it turned to growth, imho, with new 12345 wave-cycle. And as I thought Brent is trying to write 3rd mini-wave. But now I am watching at too deep correction and thinking about what I did wrong... Will see soon :)