Our wave 2 low from support looks to be holding strong. I believe the wave 3 has started and section 232 tariffs on Uranium as likely to be the driver moving forward.
The target for Wave 3 is above $7, section 232 announcement is in April.
Big banks & whales love the .786 level.
- Volume = big money coming back
- Pure fear in the market
- Let us not forget the internet bubble
- Big picture moves
- Similar EW perspective
- Oversold conditions
Watching for a bounce off the .786 for a retest of the $6000 - $5,800 range
Then we watch for a bull break in wedge or further downside continuation
Bart patterns and such a manipulation is going on, we may bounce back a bit and then go straight forward to 6600. In previous analysis we did not hit the support levels which was 30% chance, but going above 6360 as i mentioned with 6400 breakout (My sl tooked) This may change a game for a short time only.. Or we may see another bart thing on the 6600 ? I could...
WE Indicator is based on the Tom DeMark indicator
Buy/Sell signals are shown in 1-9 sequences, with the sequence reset on failed previous close comparisons.
Buy/Sell signals are also displayed for aggressiveness with 1-13 sequences.
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Western Gas Partners (WES) broke out of the small downtrend (yellow).
It means that wave B is over and the wave C up has started.
Price could reach either the previous top tagged by wave A at 67.44
or hit further up to touch previous major top at 79.81 as highlighted with orange rectangle.
WES is ex dividend Mon 20 Feb by $1.03 so $43.09 - $1.03 := $42+/-.
Allowing for slippage, it could trade down to $41.85 Monday
before attempting to rally back to support at $42.
But over the next few days I believe it will drift lower
towards old resistance now support at $41.50
There is also that break away body gap at $40.98-41.18
which needs to fill.
Feb 17 18:00 AEDT
March Futures expire next week hence I am using "K" May 17.
As at Feb 7 Net Long CoT Managed Money stood at 360k open
interest. (Source CME Group)
I commented on the Weekly Chart last week, but thought
I would add my view on the Daily, since I am now long oil.
I believe this chart shows a bull flag on the late Nov 2016 rise.
I have an up sloping...
Feb 12: 23.00 AEDT
Ok here is one for the oil bulls.
This stock has been beaten up recently,
but the falling wedge and solid volume support
at $3.60 and $3.90 suggests ST potential.
Weekly Support is rising underneath, but at $3.50+
Ok the Trade:
Buy now on the bullish gap bar at $3.90 SL $3.80 TP#1 $4.10 TP#2 $4.40
RR := 50/10
If it fails - re-enter at the...