good a spot as any for an entry into oil/gas stocks, maybe the us dollar going to dump? Eurozone doesn't like higher Euro either just as usa hates high dollar for debt repayment....New i phone but who can afford ???
This is a follow up from my April post. (see link below if interested).
The target I had has been hit. We had a reversal candle today so far. So check after the close.
The low recently touched but did not go below the level "a or 1"(754) . If it does near term it would likely indicate that all this the up action is a correction. If it does not and price goes above...
In the last few weeks the OIL and Gas Index has risen even though crude dropped again despite the agreement of major producers to soon start cutting production by 10%.
The gain Friday is encouraging that the rise has further to go. If this is just part of a upward correction a likely target is given. If it quickly starts down again to complete a downward...
IF this count is correct we could be at a temporary or even possibly a long term bottom. I have two "B " , if the 2nd one (B?) is the correct one then may have more drop to the .84 retreat. Must watch the price action the next couple of weeks for comfirmation. Process you way.
Have a great week.