Russia - Saudi Arabia meeting in Moscow to change Oil prices soon.
The meeting in Moscow today is the event that will move the Crude Oil price into upward direction. The king of Saudi Arabia is in Moscow and one of the details who are focus in discussion refers to oil prices.
The two countries Russia and Saudi Arabia are absolute leader of oil producer and they...
Looks like Oil found support immediately after 5th wave down completed at 50.00. the retrace is strong indicating there will be 3 pivots up 1 just completed. this could and should be the start of the 12 day rally for 53.50. but time and the candles will tell. short is not the trade
Still has room in my opinion to go down to $49.00-$49.22 area, before retracing to bull side. Please look at blue trend lines & fib. retracment on charts.
It didn't pick up and go at 50.30 like I though it would. My entry was 50.31 and the position was up but broke even as I was holding out for larger profits.
however, Currently the candles are starting to look like it will drop to 49.75 for the 5th wave then start W5 for 16 days and 53.50. its a safe positions because the 5 pivots would have occurred so you will...
if price dips below the Supply/Resistance zone we can look to enter short into the demand/support zone.. price might possibly reverse n' head to wave 5
I use pivot points, historical data, and machine learning models to help me trade QMX2017 and CLX2017 futures. Tomorrow my models predict another drop in price.
QMX17 & CLX17 Predictions for Tuesday 10/3/17
Binary Price Change Direction: 0, indicating a downward price change
Binary Price Change Probability: 34%
Numeric Price Change: -0.56
Polar Numeric Price...
When looking at this recent top, its very important to look at the retraces. and the capitulation at W3-4. algos and others are very net long. still at this price. the cycle reversal without more time would put them in the red.
look for a double top at 52.90 or another strong retrace this week if reports are not terribly bad.
WTI is certainly in Retrace Mode. however it did hit channel, the W3-4 was near non existent. indicating there could be another wave coming. before the big down Cycle.
Looking for a $51.60 break and retest opportunity
2 things here, either go long or GO HOME at $51.62
or wait for the retest of the the $51.65 or so and then
fire away longs
