Expect some upside in Crude in the next 1-2 days, then down

FX:USOIL   Crude Oil (WTI)
209 5 4
Hi All,
here's a nice EW picture in Crude, we are running wave B down of a flat correction , the speed of the decline being insufficient to ignite wave 3 down. Also notice that we have a diagonal down, and those are usually the ending diagonals, rather then the leading ones. So we are likely to pause our decline soon (probably in a few hours, once the Crude inventory is announced) and we will go up in wave C of the flat correction , I expect we can go up as high as 48.40, where the top of previous wave 4 resides and we have 1.382 extension of wave 'a'.
So, first up until 48.40, then short to 38 or lower. (I do think we'll get lower than that if SPX             deamons help us).
IvanLabrie PRO
a year ago
Excellent, was looking at this coiling down entity.
So, equities up one week or two, then big down?
And crude with them...I spotted a lot of bearish yen setups lately. And GBP is looking strong, which is often tied to crude (other than usdcad).
Thoughts on NZDJPY, AUDUSD, NZDUSD, Gold?
AndyM PRO IvanLabrie
a year ago
Yeah, equities are likely to go up (or stay flat) for a few more days. I applaud the stubbornness of the crowd buying the dips, but this needs to end some time soon.
+1 Reply
AndyM PRO IvanLabrie
a year ago
But yeah, anyway, the decline (and a massive one) need to happen - the whole movement from 1840 was corrective, so it is supposed to be retraced once the herd runs out of steam. I still think the target of 1720-1730 will be appropriate
IvanLabrie PRO AndyM
a year ago
Yes, same view, more or less. Let's see how it goes.
AndyM PRO IvanLabrie
a year ago
I am short gold and NZD, planning to hold those for a month or so, until we reach the new bottom. Then the FED will announce more QE and Gold, EUR, AUD, Crude will explode in a rally together with stocks. This is my current strategy.
+2 Reply
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