Long

Just a thought on OIl good position to long with a tight stop

Updated

I am no much of the Elliot wave man, but would that be possible that we have just started a new 5 wave cycle? in this case we are in a good position to long with a tight stop. the same is seen on Brent. lets see how would it develop

Note

would appreciate if someone form the wave community corrects/criticize my idea

Trade active

we have completed wave 3 and currently in a corrective wave 4, that is ABC, wave C with the target of 55-54.4
below is a more detailed updated view (hope it works as I have not done it in a while)
s3.amazonaws.com/tradingview/snapshots/3/31g5HODj.png

Trade active

we had completed the 1-3-5 and ABC move in Green-Red, as per my count... it changes the idea a bit - see the link below

this lead to one impulse move that was completed AND/OR potentially this is wave 1 and corrective 2 out of 1-3-5 potential larger impulse (in Blue)

Note

this allows to buy now with the stop right underneath well 2 (green), that would de-validate the blue count

Note

pS - finally learnt how to place pictures into the updates

Trade active

have entered a STOP at 53.55 fro the blue count

NYNick

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.