Thursday, July 30, 2015

Crude Bounce

Is this bounce a dead cat, or is it sustainable?
Do equities crater in China, does the USD continue it's move up? These are the factors.
CLU15 Contract
 click to enlarge

CL Nearby
 click to enlarge
It does look like a potential 5 waves down. It IS oversold. But there is no real positive divergence on the RSI, something good to have in place for a pivot.
 So far no evidence of impulse wave up structure, it looks more like an abc corrective structure. 

However the short term can evolve and there is a .78 retrace on the above nearby chart.
Jack be nimble.





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