Here we are dissecting the Daily chart for Oil. From a technical perspective we are completing an ABC correction after an impulsive 5 wave sequence to the downside.
The first level of interest for shorts comes in at 61.14 with the possibility we can extend as high as 64.59. As long as we remain below here the moves will be considered corrective. In other words, a tick above the highs will invalidate the positions.
Whilst the downside remains the main area of interest here it is worth questioning whether the market has retrace far enough already to kickstart these flows..
Best of luck and thanks for all the support in keeping the account moving forward.
The first level of interest for shorts comes in at 61.14 with the possibility we can extend as high as 64.59. As long as we remain below here the moves will be considered corrective. In other words, a tick above the highs will invalidate the positions.
Whilst the downside remains the main area of interest here it is worth questioning whether the market has retrace far enough already to kickstart these flows..
Best of luck and thanks for all the support in keeping the account moving forward.
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Time to start paying attention.. tracking 61.14 for signs of a potential top
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A final push to our loading zone for NFP...
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It's time...
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An update to the chart here:
