I know many of the traders are impatient now and they must be asking themselves this question (like myself). There are the following reasons that the timing is NOT ripe yet. If you can stomach some draw downs then it may be perfectly OK to enter for you but I will list 2 important facts and I will wait until these 2 conditions satisfy me in order to enter long
1-Oil (Brent)
2-US Dollar index
The charts are below. Oil is heading to the upper channel shown on the chart and US Dollar index was at it's upper channel trendline and already made a down turn after the wedge. I still believe that there is more room for the index to come down. Until Oil shows weakness and Dollar index shows strength, I would hesitate to make the move to jump long. I am a conservative guy and tend to wait. It is better to lose opportunity then losing money.
1-Oil (Brent)
2-US Dollar index
The charts are below. Oil is heading to the upper channel shown on the chart and US Dollar index was at it's upper channel trendline and already made a down turn after the wedge. I still believe that there is more room for the index to come down. Until Oil shows weakness and Dollar index shows strength, I would hesitate to make the move to jump long. I am a conservative guy and tend to wait. It is better to lose opportunity then losing money.