AndyM
Short

Crude update, more lows ahead

FX:USOIL   Crude Oil (WTI)
2184 6 14
Hi All,

One thing that always scares me in wave analysis is when you think that "it goes exactly as planned". Because the moment you think that, the market almost always pulls a really unexpected twist. Yet, this is exactly the thought I have when I look at Crude. So, be warned.

Crude is still going down, and it will probably take another week or two for it to find a bottom. We are completing an ending wedge, running wave 2 in C in 5. Still waves 3-4-5 to go in C, possibly reaching 28-30 range, which I guess will happen together with SPX             bottoming at 1730 or 1600.

So, no reversal yet, more lows ahead. This means that the current trend persists in USDCAD             (target 1.41+) and USDRUB             (75+). DXY             is also going higher in subwave 5, so no reason here for commodity reversal yet. So all in all we'll be done somewhat after Christmas I guess. The revesal will be fast, as it usually is, once the ending wedge is complete.
raeel
a year ago
is it the rocket?
Reply
AndyM PRO raeel
a year ago
It's going to be a Falcon Heavy!
Reply
JigneshRathod
a year ago
this doesnt tell anything properly. the lines on the chart is just to make this case bearish. none of the technical lines meaningful. Looks like author gave this chart to his kids and they randomly draw some lines on chart and big papa posted here.
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nbn007 PRO
a year ago
This is what happens when you so bearish, a possible trend change...
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AndyM PRO nbn007
a year ago
there is no trend change.
+1 Reply
Ranngo
a year ago
Andy oil just hit 38.10 deviating from your wave count. Has the wave count or directions changed and if so can you update as it currently not following your chart or count.
There is what it looks like 3 white soldiers candle sticks which is very bullish sign with exception of third candle being somewhat weak. Any clarification on oil?
Thank you sir.
Reply
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