now gold can crash down or go upper , so pick sell near fibo 61% is good idea but with sl=78.80 and trailstop=0.80 if oil can break 73.80 can start new + trend to fibo 161% near 100$ so never remove SL
NOT ADVICE. DYOR.
To the rescue 17yr Cycle reveals: bull market in SPX Gold WTI & bounce in TNX & bear market in USDCHF & DXY. Importantly on 3 occasions no change in DXY after 39 WKS. NOT ADVICE. DYOR
Current consolidation is a classic flat within double three WXY (white labels). Which is in its turn is the wave ((X)) of the larger yellow degree - the junction between ((W)) and ((Y)). After it gets completed another drop would follow to hit the blue box between 32.90 (38.2% Fib) and 29.70 (50% Fib).
This structure looks better. The wave 4 finally I revealed the key for it as it unfolded with wave C as an ending diagonal.
The wave 4 that I was looking to unfold before could be over long ago as simple flat. The further seesaw structure that already distracted so many traders from the crude could be an ending diagonal wave 5 of (5) of ((C)). After it gets finished we could see a drop in 3 waves retracement.
Crude oil has completed a complex correction labeled as wave II or B at the 42.03 level from where we started to track a new bullish impulse. An impulse is a five wave pattern, so there is room for much more gains on energy market since we see current leg up as blue wave 3 of an impulse. Wave 3) has in general five clear waves, which means oil price can still...
This pattern has brought me great success scalping crude oil. How to trade it: Look for an ABCD triangle formation with lower highs and higher lows. Draw the triangle with extended lines. Measure the baseline at B and divide it by 2 Add this value to the point of breakout to get a nice padded target to either side Look out for fakeouts and good luck. ...