Hi All,
One thing that always scares me in wave analysis is when you think that "it goes exactly as planned". Because the moment you think that, the market almost always pulls a really unexpected twist. Yet, this is exactly the thought I have when I look at Crude. So, be warned.
Crude is still going down, and it will probably take another week or two for it to find a bottom. We are completing an ending wedge, running wave 2 in C in 5. Still waves 3-4-5 to go in C, possibly reaching 28-30 range, which I guess will happen together with SPX bottoming at 1730 or 1600.
So, no reversal yet, more lows ahead. This means that the current trend persists in USDCAD (target 1.41+) and USDRUB (75+). DXY is also going higher in subwave 5, so no reason here for commodity reversal yet. So all in all we'll be done somewhat after Christmas I guess. The revesal will be fast, as it usually is, once the ending wedge is complete.
One thing that always scares me in wave analysis is when you think that "it goes exactly as planned". Because the moment you think that, the market almost always pulls a really unexpected twist. Yet, this is exactly the thought I have when I look at Crude. So, be warned.
Crude is still going down, and it will probably take another week or two for it to find a bottom. We are completing an ending wedge, running wave 2 in C in 5. Still waves 3-4-5 to go in C, possibly reaching 28-30 range, which I guess will happen together with SPX bottoming at 1730 or 1600.
So, no reversal yet, more lows ahead. This means that the current trend persists in USDCAD (target 1.41+) and USDRUB (75+). DXY is also going higher in subwave 5, so no reason here for commodity reversal yet. So all in all we'll be done somewhat after Christmas I guess. The revesal will be fast, as it usually is, once the ending wedge is complete.
