After forming New high & new lows consecutively in hourly time frame for straight one week, currently market forming triangle pattern.
Trade in the direction of breakout, conservatively. Always have a look at higher & lower time frames for more confirmation of the trend.
Think & Trade in Probability.
Some recovery seen post the crude oil inventory. The supports seen over the last two days seems to be fueling some upside. Repeated attempt to breach supports have proved futile. Now the pus to the upside is indicating possibilities of some rise in store.
Crude look for a sell in the zone of 61.8 to 62.8...A strong closure below 59.4 is indicative of lower prices targeting 57.4 and 55/54.
A buy looks on an intraday basis with a stop loss of 59.4 and target of 61.8/62.8
BIGGER PICTURE OF CRUDE OIL ---- AS PER ELLIOT WAVE
Crude oil has been in corrective mode since July 2008.
I had 4 hurdles for crude oil to breach itself to go towards its life time peak...By the time I m posting this...its already through with the 3rd hurdle...
CASE 1:
If crude oil unfolds into motive wave sequence(1-2-3-4-5) and also breaches key level for...
