OIL EW COUNT (potential hedge against recession)
Just a EW count on OIL
Personally I dont think there is huge upside on OIL, but if we get a nice pullback towards the $50-$47 area, could be worth it to take a position and hold it for few years especially if markets get choppy volatile and give off massive dumps - please check my analysis on SPY:
and NDX:
I will provide a more in depth analysis on these important charts over the next few weeks as markets print and provide us more clarity.
Personally I dont think there is huge upside on OIL, but if we get a nice pullback towards the $50-$47 area, could be worth it to take a position and hold it for few years especially if markets get choppy volatile and give off massive dumps - please check my analysis on SPY:
I will provide a more in depth analysis on these important charts over the next few weeks as markets print and provide us more clarity.
Comment:
just some projections and POV's to consider
Anticipating a deeper pullback towards the 50$ zone, ideally the covid low should remain the cycl low, if we break lower than that, then we must re-analyze the charts and counts.
Oil doesnt stay low for much time, and it doesnt trade high for much time either, its a commodity and heavly surpressed in price. If we're anticipating a recession or market crash of sorts, commodiites are good signs to give us better idea as they act as safe havens to hedge against inflation and economic recession, at least for perspective to consider.