Food for Thought: 2792 is Probable 'IF' OPEC Cuts Production
Hello traders!
While I certainly expect a significant wave 5 downwards sometime within the next month or so, we must be cognizant of the fact that we could rise to the 2792 gap close level before this wave 5 begins. We have not had two consecutive down days as of late and therefore, although wave 5 is still valid, it has not begun yet.
I suspect that OPEC will likely cut production on Monday and this will allow oil to short squeeze to 40 and this will be bullish for equities (temporarily).
During this time that I am speculating of, this rise in equities will likely be at the temporary demise of Gold and Silver, and the dollar may take a little break as well, although not as significant as one may believe.
This will only occur if OPEC cuts production.
Remember: Bear markets can have fierce and prolonged rallies, but all throughout history they all have significant leg-downs thereafter.
- zSplit
While I certainly expect a significant wave 5 downwards sometime within the next month or so, we must be cognizant of the fact that we could rise to the 2792 gap close level before this wave 5 begins. We have not had two consecutive down days as of late and therefore, although wave 5 is still valid, it has not begun yet.
I suspect that OPEC will likely cut production on Monday and this will allow oil to short squeeze to 40 and this will be bullish for equities (temporarily).
During this time that I am speculating of, this rise in equities will likely be at the temporary demise of Gold and Silver, and the dollar may take a little break as well, although not as significant as one may believe.
This will only occur if OPEC cuts production.
Remember: Bear markets can have fierce and prolonged rallies, but all throughout history they all have significant leg-downs thereafter.
- zSplit
