Trader1N

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Markets Allocation
75 % commodities 25 % forex
Top Mentioned Symbols
CL1! 75% | 3 EURUSD 25% | 1
Trader1N Trader1N CL1!, D,
CL1!: Ascending triangle in wave B on weekly chart nearing  break out
161 0 6
CL1!, D
Ascending triangle in wave B on weekly chart nearing break out

OPEC reached an agreement in the weekend, which should imply a price move upwards. Still though my current wave count suggest another move downwards to point E of the ascending triangle in the corrective wave B of one larger degree. Further we should get a bigger corrective wave C up to around 60, which is the end of wave 4 where most corrections tend to ...

Trader1N Trader1N EURUSD, W,
EURUSD: Triangle soon ending
96 0 7
EURUSD, W
Triangle soon ending

How this might play out

Trader1N Trader1N CL1!, D, Long ,
CL1!: Long after breakout of ascending triangle
106 0 4
CL1!, D Long
Long after breakout of ascending triangle

See description on chart

Trader1N Trader1N CL1!, M,
CL1!: Price want to break back up, but not sure there is enough force
90 0 4
CL1!, M
Price want to break back up, but not sure there is enough force

We've broke an important trendline back in 2015. So far the recent upswings seems more like a mere correction for an impulsive move downwards in the longer run. There is a lot of resistance just above now at 50-52, so be careful with your longs, -still if OPEC reaches a deal today. Look at the increasing volume as well since the downward movement started summer 2014.

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