Oil shares are holding nicely. Nothing to worry about : we are in the good direction.
I think it was another buying opportunity on Friday again.
Scenario 1: ABC correction of down trend completed and price resume fall. In this case it can go lower than 39.
Scenario 2: Impulse sub-wave 3 completed and corrective sub-wave 4 maybe completed or maybe can have one more leg down to C. If wave 4 already completed and its low was on Aug 24 at $46.43. Then the 5th wave will be about same size of wave 1 = $4 as wave 3 was definitely extending (green, green, green). So the target is $50.5 high of first bigger wave. Then we go into DCL the target for wave 2 correction/longer consolidation. So if this scenario unfolds I would cut position at around $50.5 and wait for DCL.
Here is CAD. Broke 50MA today and looks like confirmed DCL.
Both of these currencies simply cannot fall if OIL is rising. Strongly rising. So... Be careful playing oil. I think it may fall hard once again 2016 - 2017.
Over the last few weeks, examples of this are rampent. Where's the update on LABU? USD? GDX? USO? Your loyal followers are seeing red. Why not come update what the changing signals mean or at least have some discussions?
oil, gold, and natural gas all going against him.
i like his charts, very insightful.
i read them but do my own analysis.
im generally cautious when i start seeing things like "I'm still 100% sure that ...."
only thing certain in trading is uncertainty itself.
my 2c anyway