On the weekly chart of oil we have a strong bullish sign : 3 white soldiers.
Timewise we could have printed the intermediate cycle low 3 weeks ago.
This intermediate rally usually lasts for 7-8 weeks. (Intermediate cycle lasts for 20 weeks)
So we have a lot of time (4-5 weeks to run...)
It seems we will not test back the double bottom breakout at 34.29
I'M HEAVILY POSITIONED IN OIL , ERX (Direxion Daily Energy Bull 3x Shares) AND OTHER OIL SHARES (OAS,HK,REXX,BAS,BCEI)
Timewise we could have printed the intermediate cycle low 3 weeks ago.
This intermediate rally usually lasts for 7-8 weeks. (Intermediate cycle lasts for 20 weeks)
So we have a lot of time (4-5 weeks to run...)
It seems we will not test back the double bottom breakout at 34.29
I'M HEAVILY POSITIONED IN OIL , ERX (Direxion Daily Energy Bull 3x Shares) AND OTHER OIL SHARES (OAS,HK,REXX,BAS,BCEI)