two weeks and about $3.00 per barrel later I pop round with an update regarding my running long position(s). All I can basically say is "It runs without a hitch'! Keep going.
Still At The Beginning The overlaying trend is still strong bearish and that won't change anytime soon, however, the move I am trading at the moment is a huge correction inside that trend. And when I am saying 'huge' I am talking about a span of $30 - 40/Barrel. Based on that the correction is still at the beginning, developing slowly but steady, calling more and more buyers into the market to get moving.
Bottom Line My long position is developing well, so I decided to open another one during teh past week to get as much out of the swing as possible. I may close 1 out of 2 as soon as we see the (red) A at around $64 and wait for some cheaper prices to re-enter. I will basically milk that 'oil cow' until it's dry.
Could you provide a further breakdown of that wave 5 of 3? Proportionality looks really off in terms of the distance it traveled relative to other impulses of the same degree, as well as carrying a 3 wave structure. As this is an integral part of the analysis, I was hoping you could shed some clarity on that situation to rebuke the more likely setup of an expanding triangle in entirety. Thanks!
Dluginacci
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Hi Nick, no problem. PLease see chart attached. I also noticed that the (red) 4 was shifted a bit to the left as teh initial chart was created on a weekly timeframe. I have adjusted it and added the (w-x-y) as clarification. Cheers!
Nick_C_
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Thanks for the perspective.. I have been staring at the entire structure over the last few months for an hour driving myself crazy trying to make the count all fit proportionally.. In the near term, check out these wave C/3 targets
IvanLabrie
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Great exchange guys. Definitely a key chart to monitor.