CL1 Falling but keep eye on 46.33 level for Buy...Strong support level to watch 46.33, It can give a buy bounce from that level. Just watchout 46.33 and if broken than a gud downfall waiting.
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%...
From Last week's update -It was said that 43.60-43.80 zone to be looked for a support & bulls could rejoin for nice up & strong leg in this week from that zone-
Bang On Target -Crude Oil takes support & makes a low@43. 85 before going up -up & Away.
Last Traded Price- 47$+
Oil has bottomed in 4th wave@43$ as per my previous post
From lows@43$- It looks we have travelled the first tranche, which could finish in the zone 44.65-44.77 where the 5th wave at minor degree shall complete 61.8% of 1-3 wave distance.
As a good student of technical analysis- I still use my lessons seriously- one of the lessons I learnt few years back was...
There is a rarest of rare pattern happening in Oil as well & taken bears with surprise in current session. Likely Oil has put up a low@43$. In the last update, I expected Oil to correct in the c - wave within 4th wave & had a target of 45.50-45.70 when it was trading at 47.30$- Congo, I got that move, but was even surprised by the wave getting extended & even...
