CLZ2018 618 Buy CLZ2018 just hit the 61.80% retracement point on its recent bull swing and found some support seemingly. Continuation players are taking this opportunity to add on to their long holdings. The Schiff set's Median Line is met here as well. A healthy pullback in a major bull trend that may lead to 127.20% extension. Short risk in oil is the preferred choice as long as the major higher lows and higher highs are intact. Trade with care!
618trade
OIL WXY correction over or will it come down for the Z wave?USOIL Daily chart is at a critical point as it reaches the 61.8% Fib retracement of the correction so far. The important thing to note is if the WXY correction is complete and if bullish momentum dies at the trendline, we might get the Z wave. On the other hand if price breaks out of the corrective structure with conviction, then it will be a bullish impulse. Of course there will be plenty of opportunities and pullbacks to enter long. For now, I expect a swift reversal to complete the Z wave.
Whichever way the market wants to move, let it confirm first. Trade with caution.