Oil looking bearish in both short term and long term. The long correction is slowly climbing up which will cause a larger impulse.
I agree with this assessment. We are 61.91 already and it is a matter of time before we go for some correction. Where it will be, I am not sure but using Fib, it looks to be 57 at least
GurekmannGill cannukville
@cannukville, yea my chart isnt intended to show when we will be break this corrective structure, but rather that when we do we will have a big impulse down. Good luck bro.
cannukville GurekmannGill
@GurekmannGill, yes you too! Another comment, looking back at the same level as now, we had 62.56 as a high on a candle in May 6, 2015. We could go around as high as that. If we do not break that tomorrow and the market jumps around at 61, 62.5 or to 63 then comes down then I think that is a sign that the bulls are slowing their purchases and bears are coming in soon. If bulls are still in control, it should at least break 62.56, bounce around above that then form a resistance at 59-60.
GurekmannGill cannukville
@cannukville, i'll be looking for some kind of flat correction. but yea your right.
It doesn't seem to stop, keeps plowing up. Do you still think it's going to inevitably fall shortly?
@Ambipath, Its still in the correction up, I think 61.76 is a good price to short from. Essentially the safest bet is to wait until we get a break of the structure which would confirm the sell. I anticipated there being a bit more up movement.
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