FX:USOIL   CFDs on Crude Oil (WTI)
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This move is good, doing what I had hoped. (The EURUSD is making roughly the same moves, I'm waiting for the pair to see if it hits the 1.22 area). Commodities seem to be bottoming overall, PMs maybe have already. Unlikely to have commodities going one way, and the EURUSD the other,
Whether you label these waves a-b-c or numbered (today's high encroached into i price before falling) ...
Thursday is a big day data wise (German/Euro GDP/US Retail), (that COULD give a plunge and bounce to the EURUSD and so to Crude. $76 looked like some big longs went in from the way it behaved.
As for $126, I'm keeping quarter of an eye on the JGB/Nikkei/Yen area, wondering if events there might suck back all that exported deflation. Who knows ... plenty of things in the wings.
Thanks for sharing by the way.
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It should go well over the retracement, I think, by 0.618/1.00/1.618 the length of ((a))
???
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DanV finitemonk
I see. I am not as bullish. But could reach 120 zone or close for the upside.
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120 ... would do fine! I mean, C waves I find hard to predict, that they retrace MOST of the preceding wave, sure. It's a way off, lets see how it responds to the downtrend line in the weekly RSI, from the 2011 high, and where it is at that point (I'm assuming it will break above it).
I like the comparison to the EURUSD, thanks, good to see it in the longer term.
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DanV finitemonk
True. YW, I actually do lot of correlation analysis to help clarify larger outlook.
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If this is wave B, would you expect just a retracement on completion of reversal?
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