Oil is Bearish- Traders please be careful
Atualizado
76% of retail traders are long on oil. The current price of oil is caught in between an argument with Opec + and the G7 economies. Lower prices can alleviate the US inflation prints.
Until there is a fundimental shift in the fundimentals, this is a clasic bank round trip trade, price targets are shown, we are in a strong 3 wave correction off of the September highs.
Please be careful with longs. Traders will know when its time to go long if and when that time appears. Indeed weekly breaks highlighted by my blue line can also catch us off guard however, price is price.
I don't normally post on here, just want to help traders stay on the right side of the market on an intraday basis. Watch for clear signs of change, until that happens, first targets are marked with possibility of a deeper decline.
There are 2 low risk options, enter long at an extreme level marked, the second as a preference and hope you get it right or, wait for trend to rotate with confirmation. The third is to observe conflict escalation and of course de escalation. (We dont want to trade and profit off of the misery of humanity).
Until there is a fundimental shift in the fundimentals, this is a clasic bank round trip trade, price targets are shown, we are in a strong 3 wave correction off of the September highs.
Please be careful with longs. Traders will know when its time to go long if and when that time appears. Indeed weekly breaks highlighted by my blue line can also catch us off guard however, price is price.
I don't normally post on here, just want to help traders stay on the right side of the market on an intraday basis. Watch for clear signs of change, until that happens, first targets are marked with possibility of a deeper decline.
There are 2 low risk options, enter long at an extreme level marked, the second as a preference and hope you get it right or, wait for trend to rotate with confirmation. The third is to observe conflict escalation and of course de escalation. (We dont want to trade and profit off of the misery of humanity).
Comentário
Due to a lack of institutional buy zones in-between the 100% extension of the current ABC correction and the 1.236, preference can be aligned with a deeper drop to the 1.236 zone.Comentário
Any drives in price below the marked 1.236 zone will place a large amount of doubt on traders chasing the weekly 5 wave count. Wave 5 has yet to appear, price movement below this level will change the impulse beginning 1st May from a weekly 5 wave impulse to a correction off of the 2022 highs.Comentário
A new count chart is posted for traders to look at relevant price levels
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