"Somebody" sees Oil/Crude//UWTI has bottomed? Bullish EW-countOn the 4 hour chart I see the following bullish signs:
Red W3 and W5 was made on a positive divergens
Orange W1 was 5 waves up
Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common)
EMA 13 has crossed EMA 34
The count above is the very bullish count
We could as well just see an ABC up instead of 5 waves up - Time will tell!
Safe trading ladies and gent!
@BLawrenceM
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Cl_f
When USOIL SNAPs Back you'll "Dance to the Rhythm"!!Almost there ... have your dancing shoes ready!
The question is...... at fib 78.6 or the 88.6 fib retrace?
I'd say we'll very soon see a bounce (remember it's a monthly chart) and a possible retest a little lower at around 42.
BUT could make a possible bottom here.
The instrument is right now more oversold than ever before when looking at the the monthly RSI but a flattening has started.
For finding a similar oversold situation you have to go way back - to the 86 crash to see same RSI level.
Safe trading ladies and gents!
@BLawrenceM
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open.spotify.com
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