WTI Crude Oil Sell Time! All the way to $20 & More!
Updated
Crude Oil has completed impulse wave 5, and has finished doing A,B correction of ABC. Now expecting corrective wave C to unfold, reaching at the minimum 0.5 fibonacci ratio to possibly 0.618. This will complete a bigger cycle wave 1 and 2, and from there I expect crude oil to go up for bigger cycle wave 3.
Trade closed manually
100 pips down move secured. Latest price action indicates that we're going to $40 and fall off a cliff to original target of $20 and below. A new EW count according to latest price action will be posted later.Note
I forgot to mention that we may have OPEC+ meeting on June 4th (Thursday) - and maybe the gang will not be able to agree on extending the production cut which will be the catalyst for the down move I am expecting for. Russia has expressed its wish to not extend the production cuts. Lets see, right position sizing is key in winning from the oil markets.
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