There is nothing complicated about the moves in OIL. Heavily overbought for some time as it was on the longest upward trend since 2007.
How far it will correct is a guess at this point however it sure looks poised to drop some more. Even if not in a straight line. I expect it to bounce back to new highs possibly in a few months as we seem to have entered a new strong cycle for commodities.
But for now we are in a technical void that should be filled by the price action. I've labeled the charts with two possible Elliott wave counts. Both call for longer term highs eventually and both are looking at further correction.
There is also a head-and-shoulder pattern forming. Typical of a temporary or longer term top.
With this in mind I really like the possible opportunity on EUR/CAD. Stay tuned I'll post about that pair shortly! Belwo I've attached my DXY analysis and will explain what this can mean for the EUR/CAD as well.
How far it will correct is a guess at this point however it sure looks poised to drop some more. Even if not in a straight line. I expect it to bounce back to new highs possibly in a few months as we seem to have entered a new strong cycle for commodities.
But for now we are in a technical void that should be filled by the price action. I've labeled the charts with two possible Elliott wave counts. Both call for longer term highs eventually and both are looking at further correction.
There is also a head-and-shoulder pattern forming. Typical of a temporary or longer term top.
With this in mind I really like the possible opportunity on EUR/CAD. Stay tuned I'll post about that pair shortly! Belwo I've attached my DXY analysis and will explain what this can mean for the EUR/CAD as well.
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