AndyM
Short

Still long way to go down in Crude

FX:USOIL   Crude Oil (WTI)
1180 9 13
Hi Folks,
Just a quick update on Crude: we are not done falling yet. By far.
Ending diagonals may well break and significantly overshoot the channel, so this is exactly what we observe in Crude these days. Waves 1-2-3-4 done, wave 5 incomplete, even A in 5 is incomplete.
So expect much more weakness in Crude and associated currencies over the course of this and next week - and we'll see what happens with Fed on the 16th and options expiry on the 18th - may be those will reverse the trend.
Hi Andy, In Ending Diagonal, wave 1 > 3 > 5 and in your version 1 < 3 and 3 < 5
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This is not true. in EDs w5 sometimes can overshoot the rest by a significant margin.
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EvgenK AndyM
Yes! Significant margins !!! But not price! can't be more then 100% of wave 3, and wave 3 can't be more then 100% of wave 1
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I really like your chart Andy. It looks as if we hit b wave at 37.91 yesterday and we are about to go into c after fed meeting perhaps. Nice job!
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saudi's just said that they will keep pumping oil to increse the current oil glut
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link???
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Agree with the downside.
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smitheric1970 PRO smitheric1970
I believe 38-40 will hold as resistance prior to further downside, below 32.
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LetsBeMillionaire smitheric1970
i would say wait till FED meeting finishes. I would wait till Wed before taking any major step. This might be very good opp for long as well. Have seen many technical analysis but all doesnt follow all the time.
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