The bottom of the Daily channel has been tested with the touch into 66 and whilst this is likely just a wave i of 1 of 5 of C....the overall count is holding up well. Only a monthly close over 80 WTI would change the count.
The next challenge after this bounce in wave ii of 1, is to break the 66 and more importantly the 63 level. A break of 63 can open a veritable floodgate, though will let price and time dictate that as moves forward. The wave 5 does target under $20 so there's some potential in this black gold.
The next challenge after this bounce in wave ii of 1, is to break the 66 and more importantly the 63 level. A break of 63 can open a veritable floodgate, though will let price and time dictate that as moves forward. The wave 5 does target under $20 so there's some potential in this black gold.
Note
We may have wave 1 in place...the wave 2 retracement can be either shallow or substantial, so more about time for those swing trades. Position trades shouldn't be an issue...and of course scalping is another matter entirely. In any case, we're into a good zone for the wave 2 to play out before the even stronger wave 3 comes into play.
Note
As long as the 48-47 range holds, wave ii bounce is the preferred count, though it's a slight reprieve in the much bigger moves down so not a move to be married to imo. World growth has been sliding for decades, so this is more about demand falling as debt bites under dollar strength and declining confidence in Europe, China and EM's. The US becomes the only go to in such a situation.
Note
Another good r/r zone in terms of structure for the run up in wave iii of c of ii...Note
wave (I) extended a tad...even though this is likely wave ii, bias is all about the downside for positioning and should be for a couple of years at least.
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.
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.