Don't Buy CL in Short Term - Right Side is Down
Updated
As you see in the chart, we expect more downsize in Crud Oil(CL) and we like to buy medium term wave II in red to around $50 where we expect that the smart buyers will arrive. Please be patient for more some days in order to do a good long term buy. Next week we'll update this forecast.
Comment
Don't buy Crude Oil(CL) in the short term. Crude Oil(CL) in H4 and H1 is Right Side down.
So we expect it to extend lower before the rally resumes. Our daily chart is still with consistence.
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Technical Information:
In the chart we've shown a invalidation level around $33.51 which can't be crossed if that we go more down. Now CL is doing a flat that's why it's very difficult to forecast where the wave C in black and wave II in red. We expect that around $55~60 the smart buyers will arrive
Technical Analysis:
- Still don't buy Crude Oil(CL) in the short term
- Crude Oil(CL) in H4 and H1 is Right Side down
- We still expect that it will extend more downside
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