Large EIA crude oil inventory build today... This could be the catalyst for oil to continue lower... The Fed meeting today could also be a potential catalyst (that's more speculative)... Larger time frames suggest an ABC corrective pattern is about to finalize... First target is around $53, final target price below $50 (I will exit my short at $50)... Below that price I will highly consider taking a long position... My stop is at the most recent high of $56.91...
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Comment:
Unsurprisingly the Fed cut rates but with a somewhat uncertain tone... Equities did a get a nice rally into eod... Equities and oil tend to correlate often but the extent of that correlation varies... As you can see the sp500 is at all time highs and oil is still within a corrective pattern that is far away from its September 2019 high and even further from its September 2018 high...
Trade closed manually:
Closed out my short at my first target... Still leaning towards more downside and looking to buy under $50...