Hi Folks,
Just a quick update on Crude: we are not done falling yet. By far.
Ending diagonals may well break and significantly overshoot the channel, so this is exactly what we observe in Crude these days. Waves 1-2-3-4 done, wave 5 incomplete, even A in 5 is incomplete.
So expect much more weakness in Crude and associated currencies over the course of this and next week - and we'll see what happens with Fed on the 16th and options expiry on the 18th - may be those will reverse the trend.
Just a quick update on Crude: we are not done falling yet. By far.
Ending diagonals may well break and significantly overshoot the channel, so this is exactly what we observe in Crude these days. Waves 1-2-3-4 done, wave 5 incomplete, even A in 5 is incomplete.
So expect much more weakness in Crude and associated currencies over the course of this and next week - and we'll see what happens with Fed on the 16th and options expiry on the 18th - may be those will reverse the trend.
