Crude Oil Another Potential Top!

I stretched this intraday chart so we can see back to the last major peak. It’s pretty hard to accept that a bullish run like this can be just a bear market rally, but for diagonal waves, this is still pretty normal.

This oil 4th wave I may have just barely kissed my wave 1 in Minor degree, which is also very normal for diagonal waves.

At $61 oil has started a small correction and the depth of any impending oil decline could trash the $56 price level.

Just as fast as oil has roared up it can die screaming from a bear attack.  Futures are always leveraged and have no daily trading limits, which produce very violent moves.

The oil units in a Forex account are just as violent which I try to trade in when I can. Four oil units take a little less than $20 to own and there are no contracts to contend with.

When I see a near vertical move like oil has just made, then either we get a strong correction or oil plunges with no support!

I will never post long drawn out fundamentals as thousands of others are doing just that already.  A few years from now nobody will remember or know why oil  has crashed.

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