OIL - BOTTOMED

Price will reverse at 46.85....its an AB=CD trade with TP at 35.80

Sir I missed todays action and was wondering do you sill see a retrace to 43? And when do expect another good entry point?

Hey Chart thanks for all your analysis.. I really want to get long but do not want to chase this move. Hope for pull back, but also am a bit concerned about certain fundamentals heading out of summer; I am thinking the 50daysma gives this run some pause and pull back. currently around $45.80. Do you agree? Its also very likely that the large short positions/covering continue to run this up. very similar to what happened last August.

First and foremost great analysis, I personally have worked in the energy sector for nearly a decade after being laid off due to the collapse in crude oil prices. I have dabbled in the commodity sector for a few years here and there. You would be surprised at how many engineers actually day trade during extensive times in remote locations around the world. That is where I got my tutelage on the fundamentals and market reaction to crude oil. I watch all reports to include the Rig counts, API, and EIA inventory reports. I am stunned at how little the commodity experts really know about the exploration and production. In fact, I recently enrolled into a University to obtain an IT and Finance degree. But to your analysis, what I like outside of fundamentals and find to efficient in trading is technical analysis. That is what brought me to your charts. I have some knowledge of EW, but find it to be a little too complex in some cases. I mean ok wave to initiates then 3 is the longest blah blah blah. What I want to know more about are the cycles and price action. I will be watching you and since you are lock and step with the fundamental improvement I want to say great job so far.

Thanks for the support Aaron.
I think every chart analysis is good if someone know how to use it. I find EW a bit subjective : if you set the first wave right you are winner otherwise you lose.
Any comment is always very welcome from you at my posts.

You forgot about 46 zone? is there a sell zone.

RSI is over bought, don't you think we should wait for RSI to take a dip?

Great call. To this point it's left me behind because I was waiting on that double bottom that never happened. Did not want to jump in today because I'd rather get in on a pullback.

That's why it's important to 'scale' in instead of trying to time the exact bottom -- a mistake far too common amongst new traders. Now you're sitting on the sideline waiting for a pull-back.. but what if we don't get it right away?

Then I wait and don't compound one mistake with another. Opportunities always come around again.