This is my most likely Elliott Wave count; Hourly click to enlarge Pls note the repeated pos divergence on the RSI. The pos divergence coupled with the current count of subwave -5- of  down, suggests short term upside risk. Daily click to enlarge No pos divergence yet however on the wickedly oversold daily RSI. Note the -3- of  occurs as it takes out the previous lows at 64.25 Weekly click to enlarge On the weekly the big thing is the .38 fib retrace point of the entire move up from 26. CL touched that yest and it is going to be an important signifier of the overall condition of the market if that holds or not and to what degree. My guess is if the wave count on the hourly chart is correct than it will be short lived support. Don't miss the preceding Crude posts for context. Pls don't lose any money trading on this; it's entirely speculative. Good luck btw..
Showing posts from November, 2018
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How low is lower? Thus far the sideways action over the last 24 hr.s does not look encouraging for the bulls. The good news is it's looking a tad oversold very short term. Hourly click to enlarge Note the pos divergence on the RSI. As I type this it dropped lower. Daily Note the Fib support at around the 60 point. So considering how oversold it is here perhaps a little consolidation prior to testing that 60? Jack be nimble. For longer term view see the previous posts.