CL1!, monthly channel support?
It has been 17.5 months since the break down for triangle consolidation was published Aug 2014.
The last oil price crashed took 19months before it recovered (July 2008 - Jan 2009)
Is history/statistic going to repeat? I think the "manipulators" know it all
on 21 March, i had a long and silly glance at this oil chart for almost 1 day, using log scale i though the channel support around 34-35 (+ - ) could be the ultimate turning point. Anything beyond i cant tell
Oil price is settled at 35.325 as of daily closed.
As far as wick/rejection based trading is concerned, there isnt any sign of potential reversal yet,
I am not a EW fans, but that is the 12345 that i can see, just a projection which coincides with monthly channel support (interesting)
due to the bearishness of analysts, news, media, sentiment on economics, even there are calls on 10/20 per barrel, it is possible thought, but i am NOT calling it.. let the price unfold one step at a time, for NOW, no monthly or weekly wick.., and Monthly candle not completed yet!!!
i do include the worst case scenario
The last oil price crashed took 19months before it recovered (July 2008 - Jan 2009)
Is history/statistic going to repeat? I think the "manipulators" know it all
on 21 March, i had a long and silly glance at this oil chart for almost 1 day, using log scale i though the channel support around 34-35 (+ - ) could be the ultimate turning point. Anything beyond i cant tell
Oil price is settled at 35.325 as of daily closed.
As far as wick/rejection based trading is concerned, there isnt any sign of potential reversal yet,
I am not a EW fans, but that is the 12345 that i can see, just a projection which coincides with monthly channel support (interesting)
due to the bearishness of analysts, news, media, sentiment on economics, even there are calls on 10/20 per barrel, it is possible thought, but i am NOT calling it.. let the price unfold one step at a time, for NOW, no monthly or weekly wick.., and Monthly candle not completed yet!!!
i do include the worst case scenario
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