That pullback targets 61.80 - 60.30 My revised count implies that after coming pullback down in the wave ( b ) down of the wave 5 we should see another rally in the wave ( c ) of 5
To complete first five wave move down in a larger wave A, crude still may drop one more time to the green target box It should get over 64.10 to confirm completion of the downside
Crude is completing five wave move down off the top
Triangle it's a corrective pattern made of five contracting legs a-b-c-d-e
I pointed out your attention to the critical resistance level at 63.85 Violation of that level had to confirm completion of the first leg down in the wave A and start of corrective wave B up. This is exactly what happened. We are inside b down of B up. The least predictable and ugliest part of corrective move... Focus on target for ( c ) of B. The path to get...
Crude has either topped in corrective wave ( ii ) up or can make one more high deeper into the red box. And then I expected it to start decline in the wave ( a ) of ( iii )
Cleaned it up a bit tells the story more clearly. Also possible beginning of bullish divergence on rsi and buy AH 3/7/18 crude was in oversold territory imho
The big picture shows continued bullish momentum, despite forming a clear H&S over last few sessions. The lynch pin in this whole situation was the inability to break MY neckline. Although crude does seem to be exhausted I think it had to take the beating today in order to make a run and have a chance at a breakout above 67. I would personally recommend a fairly...
Current position in SCO @ 35.23 pps represents 20% position on initiation. will add today.
Im short on oil, pulled the trigger a little too early with SCO. Hence why I am back to using Fibs. Lemme know what ya think. Thanks
I'm fairly certain we're seeing an intermediate term top in oil here. I'm short, via a 3% long position in $SCO. (I'm also long $USDCAD, $USDMXN, $USDNOK) I'm open to going long again, but I think we'll see profit taking a rapid decline next. Risk a new high, 0.5% exposure and off you go. Cheers, Ivan Labrie.
The 12345 waves, became the 2 of a bigger 123 pattern. Easy money :)
I say, trends in silly moneymaking funds like USO and UCO, UWTI, etc are a great way to get rich, but as my great grandfather said and his great grandfather before him, "Always know where $50 is." This chart is meant to show you exactly that in relation to USO. Why does USO do this funny little contango dance around oil? Why, that's for another post my boy!
In the context of Crude oil decline below 45, we are looking to long SCO. SEC looks breaking up a downward channel & money-flow in increasing. We are looking to long if breaks above 91.73 You can check our detailed analysis on SCO in the trading room/ Executive summery link here- www.screencast.com Time Span: 29:00” Trade Suggestion Date: 5th Jul