With NFP and No Tapering for 2021, I expect Dollar to complete it 5th wave down. Dollar is offering a very cheap ticket for ST and MT Swing to the downside. Between 92.5-92.8 is where I see the maximum up.
In my view, TA Gold did not complete its down wave before resuming up. Currently, Gold is retracing up with a maximum squeeze to 1860-1874; then the impulsive down wave up to 1564. This 1564 has a double confluence: last break up and AB-CD pattern.
This scenario will be canceled if the current move up closes above 1912.
FA, the current Inflation narrative/story is...
Hello Traders: OPEC cancelled its tomorrow meeting. Any Candle closes below $64 is a good sell trade. We had two weeks in a raw with an overwhelming Oil Inventory, but price didn't drop at all! I might go further up, but I sincerely doubt it! Hence my sell limit at $64.
As mentioned earlier (Monthly Chart), I strongly believe the third wave has started (5.3). It will stay with us for a while. It should end around the bottom of the last drop $27. It will fold into 5 waves as well.
A daily chart is coming!
Hello Traders and Followers!
This is to confirm the end of oil era.
Oil went up to the last breakout which was/is expected. We are still in this area. OPEC Meeting will keep us in this area to confirm the beginning of the 3rd wave (5.3).
Again each TF has five waves. As evidence, have a look to the previous waves!
I will publish two other charts: Weekly and...
We have a nice wedge in daily chart. I think, Oil will be chopping for another 1-2 weeks before it starts Wave#3 in MT chart (down). Maximum up is $64 which might come via Venezuela news (i.e., Russian troops arrived yesterday to Venezuela) or as collateral move to Equities.
As world economy is slowing down, entering into recession, oil supply increasing (in particular from US) and new sustainable energy substituting oil, the OIL Era is ending. This MT USOIL chart tries to reflect these fundamental factors.
Clearly the 5 waves in the chart are not straightforward. Each wave may fold into 5 waves too in shorter TF (i.e., daily, H4).
As Canadian Economy is slowing down as well as Oil, my forecast is that the end of this inverted H&S will hold at 1.36 as final target. PA is TL and tested. It might consolidate around until tomorrow with NFP.