Chicago Illinois USA
Posts: 122 since Mar 2017
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Daily crude above identified sellers responding to a fib cluster ~ 71.50, which may confirm the suspicion of a 4th wave triangle. Toady's high may mark the top of wave d, with the start of wave e of a 4th wave. Looking ahead, wave e can take the shape of a three wave zig-zag, or a 5 wave triangle. A break above today's high will need to be re-evaluated.
The count was readjusted today to account for price action as gold retraced lower. Gold is testing the lower corrective channel with room to the downside. A temporary channel was put in place in case gold decides to go lower
Sellers remained in control of NG today as a response to Friday's sell off at the top of the corrective channel. Buyers may be stepping in soon as NG finds support in the base channel along with support from fib sturucture
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