Greetings oil traders, As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y) Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y) and the initial move (X) has been stagnated for some time at the areas of 23.6%...
Gold has displayed the tendency to move from one congestion zone to another. Price has been in a congestion zone, a.k.a re-accumulation in Wyckoff terms, for a while now. The next destination seems to be the upper green box starting at $1,530-ish, extending all the way upto $1,804. Let's wait and watch. Pondering if it is time to increase weightage of gold in...
If price trades above the blue line and trades there, next resistance could be the falling green line and then the red falling TL at 2.2500.
DM monthly -- was hearing news of huge derivatives exposure since a long time, wish i had seen the chart earlier
There is news of buyback but the negative divergence is appaling
Looks like the risk/reward is in favor of longs
After a consolidation between $2.5 and $3, NG if manages to close above $3, can trigger a move as mentioned in the chart.
On monthly chart, the price action indicates a change in trend. Why is it a Change in Trend: 1. Price action making lower Highs (LH) and Lower Lows (LH) on monthly chart created a downward trend channel. 2. Now the price action made a Higher Low (HL) as indicated in above chart that indicates rejection of lower prices and buyers entering market to control...
My View Crude Going Down... Touch New Resistance Line and Go Down...
Longs Wait till decisive Break of 3.00 on weekly basis. The Triple top could result in a sharp upmove (Bull Trap) & then Down for a correction !!!
Watchout Crudeoil. Indicators Pointing Downmove. BUT IMPORTANT, wait for Confirmation.