It's time to start paying close attention to Oil as we approach 64.5. The market has reached its ABC target in the sequence since December. This is an important loading area to watch for signs of a possible top and reversal swing.
Remember the breakdown towards the end of 2018 was impulsive in nature so any rally like the one we are currently witnessing should be viewed as corrective and counter trend. We are tracking the end of wave 2 and the potential for another impulsive wave down to follow.
Highly recommend all those in Commodities to start unwinding longs and actively switching sides here. In simple words, as long as 64.5 - 65.5 holds Oil should be viewed as bearish in the long term.
Best of luck all trading in live.
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Bears starting to show up at these levels as widely expected
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Losing 63 will be disastrous, the damage will have already been done from a technical sense. Eyes on Europe to start the week.