First of all : oil's daily cycle are lasting for 40-60 days. Today is day 20. There is no way to top after an intermediate decline on day 13. Even if we are in a range in this 1st daily cycle we will top around 48-50 in the next 2-3 weeks.
Tough and scary decline but that's only a half cycle low. At least we will hav a ppivot which we can watch at the daily cycle decline 1.5-2 months later.Did oil surprise me? Yes. I thought we will drop to the 50 EMA maximum.
The good news: We arrived to an important level today. Notice how important is this 44-44.5 $ level.
1. There is intermediate decline's panic selling breakdown level (22.07.)( red arrow+ red dotted horizontal line)
2. Intermediate decline's trendline (blue)
3. 100 EMA and 200 EMA (these to EMA was supporting price before the panic selling )
Indicators:
10 and 20 EMA hasn't crossed over yet . RSI at ICL and daily cycle low levels... We are very close to the next rally,
Tough and scary decline but that's only a half cycle low. At least we will hav a ppivot which we can watch at the daily cycle decline 1.5-2 months later.Did oil surprise me? Yes. I thought we will drop to the 50 EMA maximum.
The good news: We arrived to an important level today. Notice how important is this 44-44.5 $ level.
1. There is intermediate decline's panic selling breakdown level (22.07.)( red arrow+ red dotted horizontal line)
2. Intermediate decline's trendline (blue)
3. 100 EMA and 200 EMA (these to EMA was supporting price before the panic selling )
Indicators:
10 and 20 EMA hasn't crossed over yet . RSI at ICL and daily cycle low levels... We are very close to the next rally,