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 , 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 is complete.
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.