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
Top of the channel, AB=CD pattern, 1-1 ratio.
C=A at approximately 48.50. This will be the area to take a shot at a short for longer term swing back to 40 area. That's if we can get there.
As much as I was hoping this would be an abc back up, it can no longer be counted that way where the c wave would equal a, so we must look higher for now. I expect this 4th to be tricky so most likely will stand aside on this till a clearer picture develops.
Thanks to EIA, we seemed to have broken out to go higher. Now looking to see if "algos" take us up step ladder style