Elliott Wave Training

Are you looking to learn the Elliott Wave principle? Or maybe you already have some experience and want to find the ways to improve your skills better.

Click on this post for details:

http://wavepatterntraders.blogspot.com/2012/04/elliott-wave-training.html



Showing posts with label SCO. Show all posts
Showing posts with label SCO. Show all posts

Sunday, March 30, 2014

Elliott Wave Analysis of Oil (CL/QM)

CL


The decline from the March highs appears to be in 5 waves, currently the bounce appears to be in 3 waves and has met its price projection to $101.50.

I am looking for a strong sign of a reversal, I think offers traders a great setup to sell, we know its wrong above the March 2014 highs.

So the risk is limited.

SCO




Another way to play a potential decline in oil is to buy the ETF SCO, if your account is small then ETFs are a great way to take advantage of the moves on the underlining market.

You can look to buy at the market on Monday, stops need to go at the March 2014 lows.

Remember this ETF moves higher as Oil (CL/QM) moves lower.

Good luck