Three scenarios suggest long Oil
1) Perfect inverted H&S so far: if the inverted H&S hold (blue) then we should expect long ride until 76$
2) One possible Elliott wave suggest that oil is in wave 2 (falling wedge, or descending triangle), ans will soon start wave 3 (green line)
3) Oil could be at the beginning of super wave 3 (Yellow wave count).
4) If the price will be within a channel. then wave 5 green should touch the upper line of the channel.
Of course all above are scenarios with high probabilities and not advice to enter long or short. Trade on your own risk. It is just sharing thoughts.
Personally I entered long a little early at 41.1 $ and I got stuck in the descending Triangle. So I will keep the long until the price exit the triangle and will act accordingly.
Good luck in your trade.
1) Perfect inverted H&S so far: if the inverted H&S hold (blue) then we should expect long ride until 76$
2) One possible Elliott wave suggest that oil is in wave 2 (falling wedge, or descending triangle), ans will soon start wave 3 (green line)
3) Oil could be at the beginning of super wave 3 (Yellow wave count).
4) If the price will be within a channel. then wave 5 green should touch the upper line of the channel.
Of course all above are scenarios with high probabilities and not advice to enter long or short. Trade on your own risk. It is just sharing thoughts.
Personally I entered long a little early at 41.1 $ and I got stuck in the descending Triangle. So I will keep the long until the price exit the triangle and will act accordingly.
Good luck in your trade.
Comment:
As the figure shows, the wedge was broken from the resistant line, so far so good. looking to see oil reach 60$. of course keep your eyes open.
Comment:
it is going slow but going smoothly as predicted. As far as it is increasing the profit. I do not care how slow it is going. The target is still the same around 60$. Let us see.
Please Note that I am not an inter-day Trader, so I do not chase prices in the short hourly frame.
Please Note that I am not an inter-day Trader, so I do not chase prices in the short hourly frame.
Trade active:
Happy new year to all. You really need to be patient in this one. Still going up like turtle. But no worries, if you are long with me, just stay calm. it is still in the up move mode. and will stay like this for sometime.
Let us see if we reach 60$.
Let us see if we reach 60$.