Baby bulls are unstoppable when first out of the gate, so don't be surprised if OIL pushes all the way up to $56 before correcting down into a DCL. This would also coincide with the CRB bumping up against 200.. And I can pretty much guarantee that's gonna happen :)
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After a false breakout to the upside, a correction is now clearly under way. We should at the very least tag the 23% Fib Retracement levels and possibly down to 38%, just like Wave 2 back in March 2016. I'm hoping for $42 but this will depend on the Market, meaning it could get a little messy around FOMC and BREXIT.
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And then one more leg up to $60 - give or take a $$ - which should complete this 'intermediate cycle'.
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If not today then when I ask? OIL tagged the 50DMA yesterday and today's GIANT 'bullish engulfing candle' is indicative of a DCL, meaning it is unlikely to fall any further.. which also means Wave 4 is now complete and we should be starting Wave 5. Wave 5 should take us all the way up to $55/$60 to complete this Intermediate Cycle.
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I had originally anticipated a drop back down to the 38% Fib Retracement but that 'bullish engulfing candle' on June 17th would not have any of it. And then Brexit happened, Lol! And now it's time to adapt.
First off, don't ever sell in a panic.. at the very least, wait for a bounce and then exit your losing trade. So here's the plan: if OIL closes below $46 then I will sell half my shares and wait for the panic to subside. OIL will very likely continue to follow the Market. I currently have my eye on $42, which coincides with the top on March 22nd, the current 38% Fib Retracement and the 200 DMA. Let's see what happens :)
First off, don't ever sell in a panic.. at the very least, wait for a bounce and then exit your losing trade. So here's the plan: if OIL closes below $46 then I will sell half my shares and wait for the panic to subside. OIL will very likely continue to follow the Market. I currently have my eye on $42, which coincides with the top on March 22nd, the current 38% Fib Retracement and the 200 DMA. Let's see what happens :)