IamAdamJowett
Short

Wolfe Wave setup on $USOIL points to lower prices ahead

FX:USOIL   Crude Oil (WTI)
While Oil             has made a short term recovery from recent lows around 26.00, a classic Wolfe Wave pattern is forming pointing to possible exhaustion and a drop lower later in the week into next. If Oil             shifts above 35.50 it is time to watch for signs of weakness with defined resistance at 36.20 offering nice point to accumulate short entries.

Wolfe waves will typically run a complete 3 to 5 wave pattern down, so we could be looking for prices back below 30 in coming weeks.
Trader since 2000. Entrepreneur. Writer. Podcaster. Cancer conqueror.
ravichandren
9 months ago
now crude trend buy or sell
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IamAdamJowett ravichandren
9 months ago
trend intra-week is still up, but the longer term trend of course is down so it depends on the context and holding period. For me I remained sidelined until the triangle area and then will be looking to short if price hints at weakness.
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