WTICOUSD - Oil weekly. Is oil ready to pivot?
4/17/2020 OIL weekly chart
All the talking heads are saying how the C-19 virus destroyed the Oil and etc.
The truth is the oil peaked in 2008 and it is looking to be completing a 5 wave structures down.
Currently the oil is in 19 handle
I can see Oil may go down to the 17 handle
I can also say see that Oil met the minimum requirement to begin moving up from this area.
EVERYONE was bullish when oil was $130-$140
EVERYONE is bearish now when WTI is $19.xx and USO is at $4
All the talking heads are saying how the C-19 virus destroyed the Oil and etc.
The truth is the oil peaked in 2008 and it is looking to be completing a 5 wave structures down.
Currently the oil is in 19 handle
I can see Oil may go down to the 17 handle
I can also say see that Oil met the minimum requirement to begin moving up from this area.
EVERYONE was bullish when oil was $130-$140
EVERYONE is bearish now when WTI is $19.xx and USO is at $4
Trade closed manually:
Normal parameters don't apply in this type of market as we are dealing with a high level of storage shortage. Contango will remain with each monthly expiring oil futures unless something happens to resolve the storage space issue.
May futures contract was decimated today... was expecting.
WTI is at $17 handle as noted previously.
Slowly accumulating