Tuesday, November 13, 2018

The Crude Move -Where Are We Now?

This is my most likely Elliott Wave count;

Hourly
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Pls note the repeated pos divergence on the RSI.

The pos divergence coupled with the current count of  subwave -5-  of [3] down, suggests short term upside risk.

Daily
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No pos divergence yet however on the wickedly oversold daily RSI.
Note the -3- of [3] occurs as it takes out the previous lows at 64.25

Weekly

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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.. 

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