Crude Oil Short Setup
Updated
Crude oil's price movement over the past year has been nothing short of absurd. In terms of logical thinking, there is nothing sound about it. How does an asset price discover a negative future value, only to skyrocket in an unhindered fashion to the upper part of its price history in under a year?
See? There's no sound logic. I know, it's manipulated, and yes, I still think traders are spoofing - but in the opposite direction to keep equities abnormally high. This is my own speculation though, and it would be considered fake news to spread it as the absolute truth.
Nevertheless, technicals still have its limits and oil has apparently reached its threshold. The hourly candle that is pointed at in the top chart contains price action that constitutes termination of the upwards corrective combination. This is all within the context of the Elliott Wave Theory, which may or may not be enough evidence for some that there is a green enough light to take a short position.
Understandable, this trade does take cajones. I mean, look at the destruction it has caused to shorties in the past month!
While it is scary, I am a student of Elliott Waves and trust that the breakdown is sufficient enough to take a short under the stated entry line - once that trend line breaks definitively.
Shorting crude oil futures may not be feasible for some. The cool part about this particular trade is that it implies so much about what is going to happen to stocks, metals, USD, etc. if it plays out. I leave it to you to get creative on your own here.
-GreasyBacon
USOIL
CURRENCYCOM:OIL_CRUDE
USOIL
USOIL
UKOIL
See? There's no sound logic. I know, it's manipulated, and yes, I still think traders are spoofing - but in the opposite direction to keep equities abnormally high. This is my own speculation though, and it would be considered fake news to spread it as the absolute truth.
Nevertheless, technicals still have its limits and oil has apparently reached its threshold. The hourly candle that is pointed at in the top chart contains price action that constitutes termination of the upwards corrective combination. This is all within the context of the Elliott Wave Theory, which may or may not be enough evidence for some that there is a green enough light to take a short position.
Understandable, this trade does take cajones. I mean, look at the destruction it has caused to shorties in the past month!
While it is scary, I am a student of Elliott Waves and trust that the breakdown is sufficient enough to take a short under the stated entry line - once that trend line breaks definitively.
Shorting crude oil futures may not be feasible for some. The cool part about this particular trade is that it implies so much about what is going to happen to stocks, metals, USD, etc. if it plays out. I leave it to you to get creative on your own here.
-GreasyBacon
USOILCURRENCYCOM:OIL_CRUDE
USOILUSOILUKOILTrade active
I'm longing DRIP calls tomorrow, so as to not gush all of my blood.
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