Stay cautious if you're in a long position! Volume is decreasing and the MACD will soon turn bearish!
From a Elliott wave perspective, the future is doom for oil. From a volume perspective as well, we are getting some agressive selling. If things continue like this, expect oil to go to zero! (OR CLOSE TO ZERO.)
The risk reward is far too for me not to post it! The bottom is near. Interesting how this correlates with my DXY long-term view!
If we do get trough 5k, i expect selling to kick in. My bottom target isn't far! From a volume perspective as well, it isn't bad, which confirms my bias!
I'm very confident in saying that we have put our 5th wave and we should see a large bounce coming for snap soon! Check out my previous analysis.
I believe that truncated 5th wave is telling us a lot about the future of NATGAS! Also from a volume perspective, it is still decreasing!
Just an update! :)
Keep in mind that i don't predict time.
Stay cautious! Volume is still low, so let's keep those stops tight.
The dollar is now looking bullish trough emerging markets, which leads me to believe that the EURO will most likely drop under 1.11 to complete this 5th wave structure.
The daily has also closed bullish, which leads me that we'll go up. Also the R/R is far too great for the bulls. Any further drop from here: count invalidated
I'm looking for one more drop before seeing more bullish continuation. From a volume pespective as well, we could see that it's declining. Also interesting to note that this correlates with my EURO scenario!
My view has changed. I'm now seeing further continuation of this downtrend. Volume hasn't stopped declining as well! Stay cautious if you want to long!
My last count seems to be invalidated. Just an update!
The start of a new downtrend seems to be coming. Be aware!
From an Elliott wave pespective, It still doesn't look like we have bottomed. Careful if you're in a long or wanting to invest long-term!