Elliott Wave Analysis: Energy Sector May Face Some Weakness
Hello traders and investors!
Today we will talk about energies, specifically Crude oil and Natural gas in which we see interesting developments.
As you can see, both oil and gas are in tight positive correlation as energies are in recovery mode, but a rise looks corrective. Oil has slow, choppy and overlapped W-X-Y complex wave structure, while gas has A-B-C correcitve rally.
Well, with current sharp and strong decline below channel support line, seems like bears are taking the lead, at least for a short period of time, so watch out for more weakness in upcoming days/weeks.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about energies, specifically Crude oil and Natural gas in which we see interesting developments.
As you can see, both oil and gas are in tight positive correlation as energies are in recovery mode, but a rise looks corrective. Oil has slow, choppy and overlapped W-X-Y complex wave structure, while gas has A-B-C correcitve rally.
Well, with current sharp and strong decline below channel support line, seems like bears are taking the lead, at least for a short period of time, so watch out for more weakness in upcoming days/weeks.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
