General overview for 01/09/2016:
(previous analysis of this market can be seen here)
There are two possible scenarios at the Crude Oil market right now: one of them is bullish (impulsive, main one) and the other one is bearish.sideways (complex corrective structure, alternative one):
– Scenario One – Main Count – The bullish wave progression in order to develop wave 3 had been terminated at the level of 49.35 where the top for the wave 1 is. Currently, a sub-wave 2 of the overall impulsive structure is being developed, so we got two possible zones for the correction to terminate ( two gray rectangles). The lower rectangle is the key zone where plenty of various supports confluence, so it more solid for bulls.
– Scenario Two – Alternative Count – According to this wave progression the market is still in a complex horizontal correction. One more wave is still being expected to the upside with the top above the level of 51.67 before the market will reverse and go back to the downtrend again.
Support/Resistance:
39.17 – Technical Support
41.04 – Technical Support
43.50 – 43.07 – Key Reversal Zone
43.40 – WS3
44.27 – 44.65 – Potential Reversal Zone
44.93 – WS2
45.95 – WS1
46.35 – Line In The Sand for Bears
47.45 – Weekly Pivot
48.50 – WR1
49.35 – Technical Resistance
49.98 – WR2
Trading recommendations:
Daytraders should remain bearish with a target at the Key Reversal Zone.
Swingtraders should wait for the market to go lower towards the Key Reversal Zone and buy the dips with tight SL*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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