My best guess is the green highlighted area shouldn't be viewed as a "Bounce" zone.
Instead, I think this will be the area where accumulation will take place.
It'll take a few weeks and a few failed breakouts, so don't worry about missing the bottom. You'll have a few opportunities.
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I've been working on "Time" more than "Price" for the last year. I got tired of pussy-footing around in my analysis; "It should bounce around this level, maybe it will maybe it won't."
Time is much more elusive than price, but I'll give it a go:
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Price: Between $49.00 and $46.00 a sideways to slightly lower accumulation zone will form in this range. (Typically don't like to give such a wide range ($3) but we just moved $27 in 7 weeks so giving myself some wiggle room)
Time: From today (Nov 23rd) until Dec 15th, it's likely oil will be in accumulation as it moves sideways to slightly lower. By December 13th we should see some serious signs of a reversal. The reversal should last at a minimum until Jan 11th.
Prior Oil Posts:
Instead, I think this will be the area where accumulation will take place.
It'll take a few weeks and a few failed breakouts, so don't worry about missing the bottom. You'll have a few opportunities.
______________________________________________________________________________________________________________________________________
I've been working on "Time" more than "Price" for the last year. I got tired of pussy-footing around in my analysis; "It should bounce around this level, maybe it will maybe it won't."
Time is much more elusive than price, but I'll give it a go:
______________________________________________________________________________________________________________________________________
Price: Between $49.00 and $46.00 a sideways to slightly lower accumulation zone will form in this range. (Typically don't like to give such a wide range ($3) but we just moved $27 in 7 weeks so giving myself some wiggle room)
Time: From today (Nov 23rd) until Dec 15th, it's likely oil will be in accumulation as it moves sideways to slightly lower. By December 13th we should see some serious signs of a reversal. The reversal should last at a minimum until Jan 11th.
Prior Oil Posts:
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