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Oilshort

LONG TERM OIL SHORT & USDCAD LONG: Dollar StrengthDollar strength is here to stay. Fiscal stimulus, rate hikes, $10 trillion off-shore dollar debt, rising US yields, DXY breaking out of a multi-year consolidation zone. The attached chart shows a strong INVERSE correlation between DXY and oil. As the dollar strengthens, the oil price soon follows. At present, there is a MASSIVE divergence between the oil price and the dollar index. This needs to be corrected. Either the dollar will weaken, or the oil price will fall. I mentioned before that dollar strength is here to stay. Therefore, the oil price should dramatically fall. It is temporarily propped up on the recent OPEC production cut, but should soon correct since the effect of a strong dollar will soon be felt. Oil is correlated with CAD. Furthermore, the Canadian economy is weak. After the election of Trump, BoC should cut rates. Combining all of this - dollar strength, oil mispricing and CAD weakness gives us an excellent trade: long USDCAD.
FX:USOILShort
by Exercise-Discipline
Wti Crude can go down till 40$, worst case scenario 32$Previously I was considering that the Wave B/2 was complete where I have placed the vertical line, now I'm taking that as the Secondary Count. The Primary count ( In Blue ) is that the Wave B/2 is still under progression as a Flat correction and that it should see lower levels of atleast 40$ and can even go down till 32$ to complete the Wave C. T1 : 40 T2 : 36 T3 : 32 Only if the price gives a small impulsive looking 5 Wave move up and then consolidates then it could be the likely case that the Wave C is actually a Wave 2 and then only we will consider the Secondary Count. Invalidation Stop : 49 (However we will have to trace the waves to see for a more tighter stop.)
TVC:USOILShort
by NeeravYadav
4
$40 OilIn accordance to my previous idea, my sentiment on oil today and for the following days is bearish. On the weekly chart, oil looks to have a lot of room for downside with the MACD flat, just barely crossing over and the STOCHS signaling a reversal. I think if this pattern completes we should see $40 oil within the next 2 weeks. This of course should be helped by bad data, which some analysts expect. For today (02/11/2016) I might exit my short if data comes out very bullish and later re-enter. Keep in mind the elections as well, which could boost oil if Clinton wins.
TVC:USOILShort
by BigCharts
OIL WXY correction over or will it come down for the Z wave?USOIL Daily chart is at a critical point as it reaches the 61.8% Fib retracement of the correction so far. The important thing to note is if the WXY correction is complete and if bullish momentum dies at the trendline, we might get the Z wave. On the other hand if price breaks out of the corrective structure with conviction, then it will be a bullish impulse. Of course there will be plenty of opportunities and pullbacks to enter long. For now, I expect a swift reversal to complete the Z wave. Whichever way the market wants to move, let it confirm first. Trade with caution.
FX:USOILShort
by fxmillions
2