Trade – 5% Long at 48.50.
I think the bottom is in for this week and it could also be the bottom for a while even if 25 is eventually reached.
Reasonning:
13 waves down with wave 13 target at 47/43 (reached band high this morning).
7th month down (2008/2009 was also 6months and rebound on 7th)
Last wave is already longer in time than wave 11.
47/45 is Long term linear and logarithmic support (VERY difficult to break below on first touch.
I have the impression SP500 wants to go back up and can’t see that happening if further dives in WTI right now… Implicit deduction: WTI could have bottomed.
>>> today could be a large volume up day.
It could be wrong, the sizing is nimble enough to sustain excesses or even a dive (which I see unlikely).
I think the bottom is in for this week and it could also be the bottom for a while even if 25 is eventually reached.
Reasonning:
13 waves down with wave 13 target at 47/43 (reached band high this morning).
7th month down (2008/2009 was also 6months and rebound on 7th)
Last wave is already longer in time than wave 11.
47/45 is Long term linear and logarithmic support (VERY difficult to break below on first touch.
I have the impression SP500 wants to go back up and can’t see that happening if further dives in WTI right now… Implicit deduction: WTI could have bottomed.
>>> today could be a large volume up day.
It could be wrong, the sizing is nimble enough to sustain excesses or even a dive (which I see unlikely).