long target to 52+ , trading with EW
Doubtful. From the WJS today, the run up to $50 signals the "latest sign of renewed confidence in the oil market". Perhaps only to the financial news media charlatans and that cabal of energy-sector leveraged lenders. Anyone who thinks we are on the cusp of an inflationary period now has to grasp for evidence in the prognostication from the entrails of slaughtered...
I don't have crystal ball and I am actually doing this mainly to see the personal accuracy of my charting skills. If you have opposing views, perspectives, etc feel free to share. Trying to take my skills to the next level.
Published this idea last night but was put private the will be a very slow profit taking to the downside.
Commercials are selling and price starting to show momentum weakness, also 5y seasonality pointing lower.
While it may be a little late to jump on this Long trade, the Dragon is officially In Flight. My stop is set at a break and confirmation of the Dragons Head (yellow dotted line). Until then let the buyers show their resolve all the way to $52.60 where I will take profits and let a runner run. Drop a line to info@marketintell.net if you like these trade setups...
Price 50.45 = 1.618 Fib at this level is the end of the wave C, As well as the price is close to the old sales area. Price is rising, volumes are falling on H4 and D1.
Price is consolidating for now, will wait for the wedge to break to find next entry
Im short on oil, pulled the trigger a little too early with SCO. Hence why I am back to using Fibs. Lemme know what ya think. Thanks