But no entry trigger (strong thrust yet). Here we have an updated chart. I believe the wave count is accurate. Previously I had an ABC pattern drawn from the peak, but now this pattern is pretty much invalidated and a 5 wave pattern (elliott wave) has emerged more or less (red colored on chart). The good new is that now we have also a WEDGE formation which extends to the weekly strong support zone. In my view this is a very strong bullish alignment and we will see sooner or later the strong thrust coming along. Only then we may be sure of a trend change. Today Oil made it's fall quite strongly but the CAD dollar did not lose or react much. This means that there is still strength in CAD and indecisiveness on part of traders. We shall wait a bit more for long positions. Good luck.
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Yesterday's comment about negative wedge (bull wedge) was very positive, especially when we said that it is resting on a weekly large support. Plus, the wave count was looking complete. Today we got it! There is a significant Thrust price action. The action took place at midnight US ET. Therefore, north americans like myself did not get the bulk of the move. I did not get into the position in the early hours as well, for one simple consideration, basically risk & reward was not a sure thing. For long term traders, I would recommend to jump in LONG as next consolidation. There are two things to consider at this moment in time. The Oil is at a significant resistance and won't go down as quickly as it did for the last few days (fullfilling our prediction almost to the dot). The second point is the trendline (cyan in color on chart), which is not very far. There will be a consolidation, be sure about it. And when it happens do NOT miss the train, as this will most probably be the 3rd wave (thus the most enthusiastic of all waves) in the UP direction. I will draw the possible moves from now on later on a separate chart. Good Luck.
