Should the CRUDE OIL rally from here_UPDATE!!
I had posted a view on Crude oil that wave v should begin and rally till around 97$ mark a few days back.
Here is a more detailed 4hour chart of the same with updated and detailed wave counts as to give you the idea what my views are on the same.
Not gonna lie the fall below 76$ mark was not anticipated and did give a chill but the crucial wave 1 high of 74.69 was protected(and so was my wave count:)).
74.96 was the 4th wave low(yday's low).
The view remains the same till now with a slight modification of the target to 95$ now.
74.69 can even be used as a SL(since if this is violated that would indicate much more downside in Crude and make it pointless trying to go long on it)
Note*_ This view is based on personal observations and opinions. Please access your own risk and analyze any instrument thoroughly before taking up any financial positions.
Here is a more detailed 4hour chart of the same with updated and detailed wave counts as to give you the idea what my views are on the same.
Not gonna lie the fall below 76$ mark was not anticipated and did give a chill but the crucial wave 1 high of 74.69 was protected(and so was my wave count:)).
74.96 was the 4th wave low(yday's low).
The view remains the same till now with a slight modification of the target to 95$ now.
74.69 can even be used as a SL(since if this is violated that would indicate much more downside in Crude and make it pointless trying to go long on it)
Note*_ This view is based on personal observations and opinions. Please access your own risk and analyze any instrument thoroughly before taking up any financial positions.
Comment:
hourly waves updated on new chart from 74.88 low