We have a long opportunity in crude oil now. Crude oil has been sitting at the 61.8% retrace around 45.40ish for the last couple of days.
A study of the longer term cycles shows that we have just completed a corrective red zone which actually started in March 2018, this cycle reached a low in December 2018 and will reach its next high in June 2019.
Thought I would move away from Oil for a bit ... but not too far away ...
... (expecting $68 top then reverse. May CL1! rolls this Friday, volume has already moved down 216K last week to Friday on CL2! while OI has increased by about half that. I expect down this week, then up into the new month. So short til Friday on new month. Then open new long on new month...
Hello Supporters and Viewers,
Here is new month Oil chart.
Currently there is an "in-neck" bar forming which suggests further downside.
Indicators are also suggesting more downside, as is the bulk of TV opinion.
Looking at the main players, this view may be borne out.
Call volumes are sitting 55-57 with a weekly change of +13k.
Put volumes are at 50-52 with a...
Head and Shoulder pattern Entry 53.40
Target 1 =>52.15
Target 2 =>50.40
Neck line 52.70 ==> Price breaks the neck line and makes a nice move down.
=> zig zag pattern ABC
** Head and Shoulder or Descending Triangle pattern
Elliott wave 3
Target 1 = 52.15 Elliott wave 4 have the possibility