Short

Oil ready to turn?

Updated

No doubt that oil is bullish, but as it has made a 5 wave move up, which in my opinion, puts in our wave 1, we are likely to see a correction now. If we fail to get a strong reaction at the 0.618, we are likely to drop all the way down to the 0.786 to land our wave 2.

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did a little digging on the subwaves and just maybe wave 4 was never done. So, as of now, i'm seeing wave 4 as a flat, and the current impulse that we just got as our 5th wave

Note

looks like the 5th subwave of our 5th is going to extend (typical bull market characteristic). Look for a bit of consolidation above support (which was resistance) for long entries. We could see oil a little above 33.5$ next week before retracing. Expecting a very volatile week!

Mrbruno

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