It is safe to say that hopes of for a bull market in crude are gone, as the move up turned to be an ABC corrective wave. Of course, oil is untradable here - we know that it will go down, but it is so oversold that it is also unshortable. On the other hand, we know that the next up move will most probably be just a correction and a great opportunity to target 30-35 area at least.
That crude is in a bear is a very useful information, though. In consequence, any bet against the dollar should be treated as a short term affair, against the prevailing trend, and avoided in general. Bull market in gold would also be very improbable.
That crude is in a bear is a very useful information, though. In consequence, any bet against the dollar should be treated as a short term affair, against the prevailing trend, and avoided in general. Bull market in gold would also be very improbable.