Crudeoil is rising smartly, and that is what we were expecting. But a word of caution here, this rally in Crudeoil is a part of a long forming corrective pattern, a DZZ, and in fact is the last leg of this corrective pattern. Once this corrective pattern is complete we should promptly resume the main trend, which is down. I had already outlined the bearish possibility in Crudeoil earlier, refer that post here. So though the rally looks smart, keep a close eye on this bigger pattern which is nearing completion.
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Deletedo u mean to say for august trade prices will go down in range of 5000??
ReplyDeleteNo sir, I have not put any timeline on the moves as of yet. What I am saying is we are currently in wave [5], which is the last wave of the whole pattern forming from the low made in 2009. Once this pattern in complete we may come down, to much lower levels than 5000. Most certainly not in this August.
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