OIL - Panic selling : DAY 4
We are almost there ... 1 - 1,5 weeks and oil will be rallying out of the bottom.
As we broke 44.40$ the panic selling stage was triggered at the end of this intermediate decline. Today is day 4 of the panic selling.
If I'm right we will be bottoming by next week Tuesday -Wednesday. Some consolidation for a few days and a rally out of the bottom.
Today's data was weak so the panic selling continues. We are heading to the purple box.
Today we just tagged the FIBO 38.2 level. This is an important level. Some of the bears will close the short positions here so I don't think we will drop a lot more today. The bottom ( ICL) should be between FIBO 38.2 and 50 .
So hold on for a few more days and we will be buying.
We are not going to take out the Saudi beartrap bottom during this correction.
As we broke 44.40$ the panic selling stage was triggered at the end of this intermediate decline. Today is day 4 of the panic selling.
If I'm right we will be bottoming by next week Tuesday -Wednesday. Some consolidation for a few days and a rally out of the bottom.
Today's data was weak so the panic selling continues. We are heading to the purple box.
Today we just tagged the FIBO 38.2 level. This is an important level. Some of the bears will close the short positions here so I don't think we will drop a lot more today. The bottom ( ICL) should be between FIBO 38.2 and 50 .
So hold on for a few more days and we will be buying.
We are not going to take out the Saudi beartrap bottom during this correction.
Komentarz:
ERX is not buying the oil drop.
Nor the oil shares.
Nor the oil shares.
Komentarz:
Day 6 of panic selling with new low again.
We are at the box 1 day earlier.
Contrarians will say that this forecast was not exact. :)
We are at the box 1 day earlier.
Contrarians will say that this forecast was not exact. :)
One day closer to the bottom...
I think Stock markets will print a HCL in the following 2-3 days. That will be the last push for oil to arrive to the bottom. As stocks are coming out from the HCL oil will start to rally again in its new intermediate cycle.