This is my view on the wave structure of Crude. We need to trace out one last subdivision of the decline, which needs to bring the price below the prior low of 26.03. The time band for the end of the decline should ideally be mid June-end July and should occur at roughly the same moment as the low in EUR (1.03-0.96). To address the decline I bought some puts exp.16.06, strike 32.
Hi, thanks for this, some strong up days,.. are we going much higher up, or are we soon turning south? Any updates on this?
Mizuki32
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Unfortunately, wave 2 moved beyond the start of wave 1.
This setup may not be suitable for Elliot wave principle.
Sonic_scheme
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it's invalid now, this type of momentum going into serious fundamental news can overcome technical analysis. Nervous shorts can bet on a non-output freeze but in the end, if the output is freeze, that's enough for rally to 50's
zhipengcfel
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I am just a little afraid that the current correction is a complex correction, so the correction is not finished yet. It might finish after 17th April.
Sonic_scheme
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That's why this analysis is a sketch, that will not happen, there will be a run-up to the meeting and THEN there's a probability of a decline, IMO. Base on the market momentum, we can see 46, before the meeting. I don't think we sell-off prior to meeting, so i would tread careful with this setup.
Sonic_scheme
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that's a hard rally to 46, but given the shorts being nervous as today, it will fuel the ride to 46. GL
zhipengcfel
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It will depend on the EIA and API reports this week.
zhipengcfel
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I agree that it is hardly to decline before the meeting.
ec12345678.
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be attention 17 April for Opec, I think , before rise and then fall again ..it will be test on 41 and 42 and then fall again ..