WTI path $80 after a dip? USOIL retrace pathways
Updated
Oil looks to be headed to $80 still, but I think it will need a pull back soon.
I was originally thinking $80 by end of US summer (august)
Of course a lot of jaw boning has happened since, with various parties trying to position their resources.
But EW and Fibs still point to a wave 5 up coming.
I was originally thinking $80 by end of US summer (august)
Of course a lot of jaw boning has happened since, with various parties trying to position their resources.
But EW and Fibs still point to a wave 5 up coming.
Note
Not sure why the live chart is not advancing yet, but we have a decent retraction from the .764 fib Note
We did get a slight rejection at expected resistance, but is looking bullish again. Lets see what Oil Inventory news brings on Wednesday. Note
Update: still kind of on track. Looks like we started an ABC with B going above previous (5), which is allowed per EW rules. So lets see if we keep pulling back a little more before next bounce
Note
Almost there, surprised it is going straight down to the target without any pullbacks yet. I expect a pull back just before landing, like an airplane that lifts a bit before hitting the ground Note
First Target hit tradingview.com/x/jMvoGaKa/, closed 80% of my short position, leaving 20% with trailing stop, currently placed at 63.51. Will evaluate the momentum downwards and post a new Plan if the new measurements point any new targets.
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