Someone on twitter notified me of the oil trade. Big thanks to him!
Oil does look bullish, but we are currently at previous resistance. Moreover, price have reached the 75% extension from the impulsive move off the low. From my experience, that's usually where the run starts to slow down or reverse. Yes we can have a full and complete 1 to 1 measured AB=CD move but not all the time.
Judging by the way we reverses after the big bullish engulfing bar, I can expect higher prices. But it is not tradable now.
Other commodities seem to have a good run too, except for precious metals.
Oil does look bullish, but we are currently at previous resistance. Moreover, price have reached the 75% extension from the impulsive move off the low. From my experience, that's usually where the run starts to slow down or reverse. Yes we can have a full and complete 1 to 1 measured AB=CD move but not all the time.
Judging by the way we reverses after the big bullish engulfing bar, I can expect higher prices. But it is not tradable now.
Other commodities seem to have a good run too, except for precious metals.
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Today's 13 combo is a decent looking one. Meaning price might stall here short term. It does not look like the 'usual' combo at the top in my experience. Price action is too whipsaw