Oil correction then bull for years?

Updated

uwt
Potential descending triangle on OIL. Correction to the 30's? Massive bull run and breakout above? I think we'll see oil hit 64-65 before correction next few months and landing sub 40. How low that goes is not important.. This pattern should be concerning.. If oil ultimately breaks above (hmm, what would cause that), it's going to come at a heavy cost to the global economy. Not pretty...

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I should mention- I'm bullish on Tesla (tsla). I've been bullish on Tesla for other obvious reasons (if you missed them, you're not paying attention) but this is certainly an interesting piece of my 'bull' puzzle piece for Tesla going forward now.

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I think oil is about to jump up soon- I'm targeting the 63-65 area. It could happen fairly quickly. I'm currently strangled in options (calls/puts)..

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I'm still strangled with a shorter term position ready for a potential strong move up. This may or may not be an actual xabcd but I most certainly hold to a deeper correction medium term followed by a bull run like we've (I've) never seen. The little blue arrow on my chart is the one in question for me. I'm positioned well for whatever comes.. I would feel more comfortable increasing my short/put position up around the 64-65 region in USOIL (13+) in USO.

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I use renko to help finalize trading decisions or studying price movement. It's more pure way to view price movement.. it's not the best necessarily for looking at patterns but it's good in it's own way. Take a look at the sine wave cycles and their correlation to price. There is a natural rhythm

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weekly view on oil- yes it can just keep going down. possible bounce here but I wouldn't hold my breath.. long term bullish but prepare for the reality that it can go lower than you can imagine

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looking at possible turning points- I do not believe the drop is done.. Remember- big picture is big oil bull run.. but we're looking for the bottom first.. It could be now or it could be mid 30's!

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Oil hit 27 this morning. Incredible. Historical opportunity. We just might never see oil cheaper than the bottom it's forming now. I think oil will rally beyond the 08 highs in the next few years from now.. could happen sooner than you think

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I was easing into 2022 calls in USO yesterday.. probably will add more if we drop back into 20's.. not sure if we'll get that again though.

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gghsusa

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