Hello friends,
I hate to be the "bear" of bad news (pun not intended), the price action has created a bearish symmetrical triangle and we will know for sure when this wave is complete. Like most times, when the price hits E wave the price moves in the opposite direction. If this turns out to be what I think it is, then be very careful in this trade.
We all know that the problem is too much supply and nowhere to put it. Until the Covid-19 crisis comes to an end, crude is not needed, we all saw what happened recently, denoted on this chart as "WTF" and we could see this happen again.
There is a slight chance that this triangle could fail and E wave will head towards the target as indicated on this chart at 30.45 a barrel.
Anyways, those who are long, watch out for a reversal, keep an eye out for a breach of the triangle lines and decide what to do from there.
Good Luck!
Cheers!
I hate to be the "bear" of bad news (pun not intended), the price action has created a bearish symmetrical triangle and we will know for sure when this wave is complete. Like most times, when the price hits E wave the price moves in the opposite direction. If this turns out to be what I think it is, then be very careful in this trade.
We all know that the problem is too much supply and nowhere to put it. Until the Covid-19 crisis comes to an end, crude is not needed, we all saw what happened recently, denoted on this chart as "WTF" and we could see this happen again.
There is a slight chance that this triangle could fail and E wave will head towards the target as indicated on this chart at 30.45 a barrel.
Anyways, those who are long, watch out for a reversal, keep an eye out for a breach of the triangle lines and decide what to do from there.
Good Luck!
Cheers!
