POL PROBABLY IN WAVE 'C' OR 'A' This is an update on our POL wave count shared earlier, we have modified the wave count looking at the formations.
If the wave count is correct then we are in an ending diagonal which is either complete or in the last leg of completion, we will buy once price breaks above 575.
Alternate count is that of 5th wave will get extended downwards, however that probability is low that is why we have removed our short sell trading setup.
Although possibility of the downside is still there, the formation of double top chart pattern and our weekly crude oil wave count does support downside long term.
There's a correlation between international crude oil prices and Oil & Gas exploration sectors, however currently the markets have not been correlating much but on the long run prices will tend to correlate.
Let see how this plays, Good Luck !
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
