Is CL Preparing For A Big Bounce?Technical Analysis:
- Crude Oil(CL) is still doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart
- We present two possible Paths
- For Path 1 in Black with 65% probability. We expect that the correction will be completed at around HKEX:53 -56 where the smart buyers can appear
- For Path 2 in Blue with 35% probability, We expect that the correction will be completed at around HKEX:40 where the smart buyers must appear
- In short term, It's doing wave ((X)) in black once it's done we can forecast the buy area more precisely
- H1 right side is up
- H4 right side is turning up
- In orange decision area, the Path 1 will increase the odds if H4/Daily RSI divergence are erased
- CL is still not preparing for a big bounce really
Technical Information:
- Don't sell CL in short term
- As a swing trader, you must wait for the correction to be completed in wave II in red in order to buy at around HKEX:53 -56 in Path 1
