ScotThomsen
EssentialBroke previous highs took-out stops! Typically, this area is a profit taking zone, which creates a correction discount for investors to buy back-in at lower prices!
1). The S&P 500 could bounce back soon, especially if Tariffs prove to be overwhelming! A). Price is on a wave 5 South towards 4650. 2). 4650 is at the 27% retracement, and typically a reversal level.
The previous 3 "Halvings" have skyrocketed historically! We're looking to Buy discounted pullbacks...
Very likely 1900+ to take-out stops above 1880...👍😎 Also,1840 was best long entry at bottom of corrective wave 4!
Wave 5 ended at 97 now it's heading north towards 106 likely...
Banging a lot of Resistance at the moment! Likely another drop towards 93 or so...
There's a lot of US$ strength at the moment, which could push CL1 crude oil further south...
Wave 5 may be over since it couldn't break northern structure. The Bias appears to be south now towards 100, which is the bottom of the long wick on a 4 hr. chart likely...
That's a classic analysis where all parts came together, using Wave counts, Trendlines and a Fibonacci sequence! It appeared to be a no-brainer on a 35500-reversal position, which played-out big!
The price appears to be on a Five-wave sequence heading north ping-ponging off of key Fibonacci-levels as illustrated on the chart.
Oil reserves came out on the high side, it could drop on a Wave 5 towards $90/barrel...👀