Brent Sweet Crude completed primary wave 4 with satisfactory completion of pattern, down to the miniscule degree, yesterday. The rebound since then, appears to be the impulse of primary wave 5, though its too early stage to conclude whether it would be impulse or diagonal. Even if wave 4 were to continue into double correction, there should be retracement back to $84-86 to achieve 50% retracement back forming X to pave way for double threes. However, given the primary 1 to 3 structure and pattern, previous cycles' internal characteristics, it seems less probable that this primary wave 4 would take a double or triple three route.
In either condition, whether the current upswing is impulse of wave 5 of primary degree, or X of double correction, $84 is the first target, thereafter $93+.
Opportune time to open long, when the world is offloading stocks, that's the time to buy. I am adding fresh long to my existing long position (though I am bit late, yesterday on completion of pattern I was convinced, but wasted time in reassurance through many iterations).
Disclaimer : The contents herein are my personal views, for me to make an investment decision, shared here with an objective of seeking views and comments from traders community at trading view platform. Nothing contained herein should be construed as an advice, offer, inducement or encouragement to buy or sell any shares, security, derivatives linked to the security, debt security or any other security of the company mentioned herein. The readers must make their own independent assessment, evaluation and valuation of the company and/or any of the securities issued by it or referenced to it. The reader is advised to take advice from their professional financial advisors before entering into any transaction or making a financial decision, without relying on anything contained hereinabove, or views given as addendum or comments hereafter. The author shall not be responsible or liable, directly or indirectly, for any loss or damage, including loss of profits, caused to the reader, or any other person or third party, whether pecuniary or otherwise, whether in present or in future, whether incurred or probable. Any replication of the contents herein is strictly prohibited except with the prior written consent of the author.
In either condition, whether the current upswing is impulse of wave 5 of primary degree, or X of double correction, $84 is the first target, thereafter $93+.
Opportune time to open long, when the world is offloading stocks, that's the time to buy. I am adding fresh long to my existing long position (though I am bit late, yesterday on completion of pattern I was convinced, but wasted time in reassurance through many iterations).
Disclaimer : The contents herein are my personal views, for me to make an investment decision, shared here with an objective of seeking views and comments from traders community at trading view platform. Nothing contained herein should be construed as an advice, offer, inducement or encouragement to buy or sell any shares, security, derivatives linked to the security, debt security or any other security of the company mentioned herein. The readers must make their own independent assessment, evaluation and valuation of the company and/or any of the securities issued by it or referenced to it. The reader is advised to take advice from their professional financial advisors before entering into any transaction or making a financial decision, without relying on anything contained hereinabove, or views given as addendum or comments hereafter. The author shall not be responsible or liable, directly or indirectly, for any loss or damage, including loss of profits, caused to the reader, or any other person or third party, whether pecuniary or otherwise, whether in present or in future, whether incurred or probable. Any replication of the contents herein is strictly prohibited except with the prior written consent of the author.
Comment:
Also to be noted that oil normally follows a 3 wave structure, as observed in past, the current bearish movement, however went on to achieve five wave structure in its wave C, perhaps the earlier waves failed to achieve adequate retracement. This fact, added with others mentioned above, gives me confidence that the bearish movement has ended and bulls should emerge on horizon now.
Comment:
Now that with today's deep fall, breaching below the end of wave (v), upwards impulse is negated. The current wave labeling will have to be modified such that the current wave becomes wave 3 of the fall, and much deeper retracement should be expected. Detailed writeup to follow after observation and analysis of current changes.
Trade closed: stop reached
Comment:
Classic market surprise, goes on towards target after eating your stop loss out.