Subscription: Crude Oil & Nat Gas
Crude - it is moving along our bearish path but very soon we may get a nice bullish pullback
I know you hated me for torturing you with the very same Daily count pointing down. You asked me many times to start posting micro counts and I replied that it was too early. But that time has finally come!
Lets start from a bigger picture though. That Daily count below suggests that Crude has started decline in wave A of 3 off the spiky top made by crude at 63.14 on 9-16-2019.
That wave A of 3 may target 47-43 and has to be subdivided into five micro waves. Now scroll down to a 30 min chart.
Crude - Daily chart updated at 11-00 PM on 9-26-2019
As I have mentioned above, that wave A of 3 has to have an impulsive structure meaning it has to subdivide into five smaller waves.
And if we zoom in to 30 min chart we can clearly see (a)-(b)-(c) structure of wave ( i ) down, the first one out of five waves that are required for completion of wave A of 3 on the daily chart.
You can see that the ideal target for the bottom of that wave ( i ) down is the strong Green Demand zone located in between 53.90 and 52.60.
It really makes sense to attempt catching that bottom because in the vast majority of cases a corrective wave ( ii ) makes a deep retrace of the drop in wave ( i ) down. It can retrace from 61.8% to 85.4% of that (a)-(b)-(c) drop.
Cruide - 30 min chart updated at 11-00 PM on 9-26-2019
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