USOIL/CRUDE, Wait for the long, still bear for a few weeks!
Good Morning!
Today I am looking at USOIL to see if there is any opportunities for entering a position. I took some time to count the waves making sure fibs and rules fit my TA, as I do not want to enter into anything without that assurance.
Looking at the 50/100/200 EMA tells us that we had a Golden Crossover Dec 17th on the daily time frame, in addition to MA's I used the line regression tool on both the daily and weekly time frames to see what kind of channel we are in. The daily TF tells me that we are bullish yet the weekly tells me that we are in a down trend.
RSI weekly does tell me that crude will move down towards $53 to $55 which in this case supports the line regression tool but the daily RSI and line regression tool tells me that crude will make a move to the upside very soon, which also coincides with my wave count. MACD is looking to form an exaggerated bearish divergence which supports the idea that we are still bearish for a few weeks.
So what does this all mean? Crude will make its way down towards $53 to $55 a barrel and most likely will not go any further down. In general this type of triangle crude is in is bullish. I expect to see an impulse wave up after E wave has completed its journey.
Cheers!
Today I am looking at USOIL to see if there is any opportunities for entering a position. I took some time to count the waves making sure fibs and rules fit my TA, as I do not want to enter into anything without that assurance.
Looking at the 50/100/200 EMA tells us that we had a Golden Crossover Dec 17th on the daily time frame, in addition to MA's I used the line regression tool on both the daily and weekly time frames to see what kind of channel we are in. The daily TF tells me that we are bullish yet the weekly tells me that we are in a down trend.
RSI weekly does tell me that crude will move down towards $53 to $55 which in this case supports the line regression tool but the daily RSI and line regression tool tells me that crude will make a move to the upside very soon, which also coincides with my wave count. MACD is looking to form an exaggerated bearish divergence which supports the idea that we are still bearish for a few weeks.
So what does this all mean? Crude will make its way down towards $53 to $55 a barrel and most likely will not go any further down. In general this type of triangle crude is in is bullish. I expect to see an impulse wave up after E wave has completed its journey.
Cheers!
