WTI: Speculative Setup

FX:USOIL   Crude Oil (WTI)
1598 19 46
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Comment: TODAY's ECONOMIC EVENT (Risk Trade)
CRUDE OIL INVENTORIES: (10:30 a.m. N.Y Time)
The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.
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Why did you choose 42.02 as support?
+2 Reply
Probably FIB sweet spot
GianB Boog2dan
Mine is set lower, the 23.6%. Thats why I ask. This chart doesn't show their reason for support at 42.02
it would match channel boundaries
+1 Reply
ABCD impulsive
+1 Reply
Hi Gian, ABCD impulsive
+1 Reply
I think 42 is a good time to add some as well.
+1 Reply
Great analysis as always, thank you!! Unless the FEDS raise interest rates this month (unlikely) I believe that USDCAD will remain rangebound strong and wit rangebound weak. Possible 39-45 6 week range.
+1 Reply
smitheric1970 PRO smitheric1970
SignalSwiss TOP smitheric1970
Do not confuse Eric! our last analysis was wrong, while yours was right ... thus congratulations! :) :)
+1 Reply
Victor.Y.F PRO SignalSwiss
Thank you! Nice chart! I think it's still in a grand cycle 4th wave and will last for years. Harmonic patterns would be better in complex waves for speculation trades. The 5th. wave could be very short lived and it could be targeting 20 in 5 years future.
+1 Reply
I liked your analysis.
+1 Reply
Thanks a lot Ambrish! :)
+1 Reply
AMBRISH SignalSwiss
Don't thank me, you have done great job of research and analysis. its short term buy @ 42/42.50.
+1 Reply
nope, it never hit your area, missed call
GianB MattGraham
Still to early to tell. It's still in the wave and the channel. Nothing is impossible with oil
Wow, nicely done anticipating the rise sir, regardless of whether the buy spot was hit! I bow down to you... And in the face of a rising DX, well done!
Well done, I had held long since the bottom Tuesday morning, today was all gravy. My hats off. If you have your crystal ball out ,tomorrow I would love to hear what you see for Thursday.
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