Brent Crude seems to have either completed 5 waves rally around $36.0 today, or is very close to terminating. We have been calling for this impulse wave to be completed since $16 lows in April and that Brent has managed to carve a multi-year low. The wave counts are absolutely clear with not much room left for error. Ideally, after a 5 wave rally, we can expect a 3 wave corrective drop. With the above target achieved, bulls might be preparing to take a break as bears take control to produce a meaningful corrective drop. A break below $34.00, lower degree wave iv, will confirm that a meaningful top is in place at $36.70. Aggressive traders might be looking to go short with a potential target around $24.00 going forward. Overall long term structure remains bullish except for the corrective drop to materialize soon.
Strategy:
Long term: Long against $16, targeting above $60
Short term: Short against $38/39, targeting $24
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long term: Long against $16, targeting above $60
Short term: Short against $38/39, targeting $24
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
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.
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.