GUSH: I don't think Oil has bottomed but it is due for a wave 4
bounce. The depth of the wave 3 drop was such that a fib 38.2 bounce should take it from $7 to $39. The 50 bps cut in the interest rate should help all commodities as a lower interest rate negatively impact the USD against which all commodities, including oil are priced in.
Nota
Wave 3 went down even further and stopped a tad short of the 2.382 line.Nota
Reverse split 1 for 40. Not good.Nota
The free fall for Oil continued until today when Trump announced that the US will be buying oil to replenish her Strategic Reserves. From an initial 1,618 wave 1 extension, wave 3 has gone to 3.5.Nota
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Aviso legal
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.