I see again people here at tradingview that shorting oil .
Guys we are in a new bull market ! You cannot short this market in this year.
You might be lucky and pick some money from the bull but most of the cases you will lose.
At least you who are reading me please don't short it. Now everybody will realize that the 27 $ oil is history. All the big funds will start to take position in oil and oil shares.
If we reach the top of this intermediate cycle after few weeks we just close our position and go for long later. But I won't short this market...
It will be impossible to catch the top of a starting bull market's first phase. I studied it hard in 2009 May.
The maximum pullback we can have in this flag is 42 that is the breakout level and the 200 at the .
If someone want to go long that's the last entry point. AFter this we are running out of time and will be more and more dangerous to short - the chance of a correction is higher from week to week.
I'M holding every position in the Energy trade. I will post there if I jump out.
More and more people will see the flag pattern...
We turned exactly where I predicted.
Want to see short coverings now at the purple and red lines...
Red line bears destroyed.
Never short the oil bull !
This time I don't think it can break down.
Bull flags are breaking up in the 90% of the cases. I think the maximum we are able to come back is 42$ - the 200 EMA on the daily chart.