Can I ask where do you see if people are buying or not? I see the volume spikes on the bottom of your chart but I am not quite sure I understand because you have a lot of red candles as the price is rising, so surely those should be green no? Otherwise how is the price rising?
@CyrusTrafford, Price increase is not very much (~24C), people are selling for price strength. Second thing is that this is EW anaysis the firs wave is completed now the correction of that first wave needs to happen. So that is the second wave. There is always surprise though.
@CyrusTrafford, I do not count waves, I am correct, 100% right. Wave 1 is completed, in that case wave 2 correction starts down shortly. This is what it is. Will that happen is the question, since oil manipulated constantly, it is hard to say what is next. May be jump the correction wave and continue with next impulsive wave.
@bhsencer, That's why it's so hard to predict Oil because it's consistently manipulated and it's so Macro-sensitive. I have a feeling it will try and test the next resistance 50.14/50.20 before we see a correction. But who knows. We will find out in the next day or so...Thanks for conversation, always great speaking to other traders.