OIL LONG--BCEI to 1.15?
I've been wrong on BCEI before, but with oil futures moving up, temporarily at least, now could be the time to buy @ less than $1. If you know your Elliot Wave, and I'm sure you already do, you know that wave 4 shouldn't go lower than Wave 1 Top--this BCEI pattern breaks that rule, but there could be any amount of reasons why. So at worst, it could be in a downtrend with a wave 4 not to exceed 1.01-1.02. At best, it could swing up for a truncated fifth to 1.05 ( the 1.618 retracement of wave 1) or higher for a complete fifth around 1.15 (the 2.618 . Based on this week, I might be betting on the latter.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.