OIL - Houston we are going down

FX:USOIL   CFDs on Crude Oil (WTI)
4657 36 66
Still below the 10 & 20 EMA . Today price had tried to recover above the 20 EMA but failed. Unfortunately I missed today the adding point at the 20 EMA tag. From now I don't suggest enter short position here because we are getting too late in this 2nd daily cycle. The SlowStoch has reached the oversold levels we just need the crossover, RSI is entering the oversold territory. MACD looks ugly though : it seems to be far from the reversal.
I think we have around 3-4 days before the DCL. I will be watching the RSI reversal deeper in the oversold territory and Slow Stochastic to cross over before calling the DCL.
The 200 SMA looks a bit too far on tha daily chart now. I think the DCL will be printed at 46 or 43 $.
In the following 3-4 days we will see how steep will be the decline.
Comment: Arrived to the 50 EMA. We are almost at the DCL. Maybe tomorrow, maybe Monday?
SlowStochastic is crossing over , RSI seems to be turning up in the oversold territory.
MACD is bearish though. (MACD usually gives a late signal)
Comment: It seems we bottomed.
I wait for today's data and decide to get out or stay in the short position.
Is this still going short? or is it forming H &S for big short? Comments?
This seems to be a serious reversal with bullish three solders on Daily chart?
Are we in the correction move for a short or is it still undecided
excellent, could you share some books mention DCL, thanks you very much. Does it come back to bullist to 55.
+1 Reply
Hi Chart, base of Elliot cycle on medium term, i think after a cycle waves 12345 was finished at the broke channel from 26 look like is starting a correction ABC, where B actually can extend to 49.5/49.8. After a wave C can be create a last pullback in area 45/44. Two months ago i supposed the last Wave 5, stop at 50.8, but was stopped into next resistance 51.2.
What do you think?
Thank so much.

The world awaits your analysis! What now? Please do share! Thanks.
I love your crude oil charts. This reversal looks very similar to saudi´s beartrap on 22.3.2016. Let us know if you think we bottomed already. I think it is possible as the dollars is not strenghtening as we predicted. Thanks
Noticed the 1h chart the RSI and stoch are overbought, likely would drop abit i feel
I think bottom maybe 45.9 but if it is , it will retest it soon..
i already buy some oil company stocks. seems to early...
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