I didn't post the weekly chart for a long time now.
At the last intermediate rally we run for 14 weeks before the correction had started.
We are now on week 10. At least we have 4 weeks more to rally.
But because the new bull is starting at least we are going to take out the last intermediate top at 50$ and test the 100 EMA around 55$. So the rally might last for 6-7 more weeks. (In a new bull market you never know how long is the first part. The junior bull has to destroy all the bears and must get them on board before a correction can start.)
And maybe - this is also a possible scenario- if the rally is strong enough during the next 4-6 weeks we will break above 60$ taking out the 2015May intermediate top and tag the 200 weekly EMA. That is the maximum we will reach at this intermediate cycle.
I would like to see the RSI leaving overbought and SlowStoch to turn down before I close every energy position in the following 3-4 weeks.
We are looking forward to see 3-4 very very bullish weeks.
So please don't try to short. Ride the bull! These are rare moments.
At the last intermediate rally we run for 14 weeks before the correction had started.
We are now on week 10. At least we have 4 weeks more to rally.
But because the new bull is starting at least we are going to take out the last intermediate top at 50$ and test the 100 EMA around 55$. So the rally might last for 6-7 more weeks. (In a new bull market you never know how long is the first part. The junior bull has to destroy all the bears and must get them on board before a correction can start.)
And maybe - this is also a possible scenario- if the rally is strong enough during the next 4-6 weeks we will break above 60$ taking out the 2015May intermediate top and tag the 200 weekly EMA. That is the maximum we will reach at this intermediate cycle.
I would like to see the RSI leaving overbought and SlowStoch to turn down before I close every energy position in the following 3-4 weeks.
We are looking forward to see 3-4 very very bullish weeks.
So please don't try to short. Ride the bull! These are rare moments.