Spent all day running through the USOIL market structure to try and figure out what's next to happen for the instrument. With a lot of help from the homies from the USOIL Chat Room, I decided on this as a possible path for the beginning of the fall for USOIL.
Next week's start is unwritten however, I believe the push up in price action will find tremendous...
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it will be the best to touch the lower line at about 63 of pitch fork and then start up trend, then it will be much more comfortable to take the long position, as it maybe the end of wave 4 or wave 4a, TBC.
This plan is based on Clone levels. Oil has gained its bullish momentum after the EIA and FOMC rate decision news. Question now is will it continue its upward momentum or is it just one more news release excitement.
Clone levels :
For Upside : 45.80 - 46.06 - 46.50
For Downside: 45.53 - 45 - 44.47 ( if it stays below 45.80 then we may see some down move...
Overview:
The Crude oil market had a fairly negative day on Monday, as market continue to worry about all things European Union and United Kingdom related. The primary trend of Crude oil is bearish on charts. On its 4 hourly chart, market is trading below 100 days moving average. It is having important resistance at the level of $48.12 and support level at the...
hi Readers,
The Chart deals with weekly time Frame
As we now Know that the wave Y in Grand Super Cycle degree & hence the initiation of X wave after Y has pushed it to new highs, say to the current levels. The important idea is that the W within the current X wave in one lesser degree has been progressing as w,x,y,x & z within which waves W,X & Y are completed....
Crude oil is making new grounds with it soon to
come with its reverse pull back, same thing
happened in 2009 although there is a possibility
that crude can slide to support at 40$. either
way i will be easing my way into a positions
using the ETF UWTI which is priced very cheaply
at 3$ a share. also a big shout out to @Ricker for showing me UWTI
