despite losing some money this morningmad: ), I'm still bullish on oil for the week. Like I said in my previous post, I believe oil will reach $64 level. But in the long run I'm bearish, price will drop around the $56-$57 level. I'll be long at $61.45....... cheers www.liofmc.blogspot.com
Possible 5 wave move completing in a nice resistance area. Possibly want to wait for a breakout reversal bar before shorting. Ultimately looking for Oil to move up to 65-66 but this is a nice place for it to take a rest.
Good call apex, I'm right with you on the wave 5 move.... unless it plays out to be part of a larger wave 3, but we will see. Doesn't really matter, both would appear to require higher prices moving forward. cheers
hello apex, so if I have this right... your wave 4 breached your wave 1, which, as we discussed earlier, would lead to a bearish wedge. But first, a new high has to be formed. I hope I have this right! Long for the moment. cheers
ya, you got it man. The only thing is be careful with trying to perfect every nuisance. You can see the breach was very minimal, mainly running stops to an immediate reverse. In a situation like this I would check the cash charts to confirm the breach. Crude, does not have a cash chart though. These wave patterns are just techniques to confirm with other analysis. See if you can visualize the lower level 5 wave move that is in the process of being created now that would complete just below the projected zone.... Remember, the most powerful signals are a lower level 5 wave move occuring within the higher level wave5. Crude could ultimately just drop right here and be coming off a DT but if it doesnt and instead gets up to the zone you will be ready for it and anticipate any confirmation signal for a larger move. That is the key.. to ancticipate and have a plan already mapped out prior.
Hello apex, Thank you for that, I really appreciate the remarks. And drop it did! I've lost all wave counts now...will have to re-evaluate that. In any case, appears to be coming back up now from 57.26 low.
And oh, how things have changed! From $57 chats to $76 chats. Yet quite obvious that it would do this in the long term. Maybe just as obvious that it will head back the other way as we get closer to fall.
The future of crude is higher highs and higher lows. It's as certain as the law of supply and demand.