michael.j.macauley

Crude Oil Speculation - Neutral with Bullish Leaning

TVC:USOIL   WTI CRUDE OIL
The price action for crude is, in our opinion, very bullish right now. We see heavy potential for the market to continue upward, as shown on the chart. There are two potential wave counts for the corrective wave we have been in for a few weeks, and each has different results. We tend to think, based on the large gap of free space above the current price, that market momentum will continue to bring the price upward. Trending indicators remain bullish , though we completed a lower time frame impulse wave and experienced a correction on Friday last week. We will see if the bull market continues, or if the fundamentals (according to the news, anyway) catch up to the price.

We don't think they will. We think fundamentals currently have little to no impact on this market at this point in time. We have various theoretical reasons for this, not the least of which being central bank activities around the globe.

We will be watching the price action at the open for opportunities. We do not know which way the market will decide to go, so instead we will let it tell us where it has decided to go, and we will follow it. Either of these is possible, but we find the bullish one more likely. However, we must caveat there exist bearish signals in this market as well, including a potential butterfly pattern which could form if the market rallies from where it is today.

Trade responsibly and manage your risk. I don't know what will happen but I can tell you when it does I will be there to capitalize on it.
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