Aug 20 - calling this a potential bottom
From the top on July 6 until Aug 20, its a total of 45 days (crude oil turns on 45 days quite often).
The ABC correction comes in 3 waves and you can see the A and C waves are almost equal in price and both range are in multiples of 7 days (14=7*2, 21=7*3).
This bottom around 61.55 is also the bottom held May 21 (key date). May 20 is also supported by MA200.
I'll support this bottom in a later post on the Commodity Index after this post.
Keep it simple ... go long.
From the top on July 6 until Aug 20, its a total of 45 days (crude oil turns on 45 days quite often).
The ABC correction comes in 3 waves and you can see the A and C waves are almost equal in price and both range are in multiples of 7 days (14=7*2, 21=7*3).
This bottom around 61.55 is also the bottom held May 21 (key date). May 20 is also supported by MA200.
I'll support this bottom in a later post on the Commodity Index after this post.
Keep it simple ... go long.
Trade active
As expected, crude rallied 5% on Aug 23.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.