The main issue here is where it was 5th wave now or just an ABC to 52-65 level.
I presume that It is 5th wave because of the following:
1)The decline is very steep and doesnt look like B wave (however cant rule out it)
2) USD index is ready for a Jump to 103 then possibly 120, same as EUR falling way below parity
3) Fundamentally the number of oil rigs rising after months of decline
4) The majority of tecnical and fundamental analysts view oil higher to sub 50. From my experience its a good sign- the crowd cant be right, as always on the wrong side of the market
Personally will close half shorts at around 36.5 (fibo .618)lvl and then re-enter if the 36 l broken properly
Any ideas sharing welcome!
I presume that It is 5th wave because of the following:
1)The decline is very steep and doesnt look like B wave (however cant rule out it)
2) USD index is ready for a Jump to 103 then possibly 120, same as EUR falling way below parity
3) Fundamentally the number of oil rigs rising after months of decline
4) The majority of tecnical and fundamental analysts view oil higher to sub 50. From my experience its a good sign- the crowd cant be right, as always on the wrong side of the market
Personally will close half shorts at around 36.5 (fibo .618)lvl and then re-enter if the 36 l broken properly
Any ideas sharing welcome!
Comment:
Looks like after touching 55 oil is heading south
Trade closed: target reached
Next target down 38.5 then 36-36.5