Price may fluctuate, the behaviour of Oil, currently in an inflection zone will give traders clues on direction.
Breaks and closes below the red line will add bias to the sept - nov sequence as a dominant trend.
If a wave 5 (yet to appear) is available price will need to break well above the blue line.
Traders must then evaluate whether price truncates @ 618 or, heads to the levels (90-120) the banks were spinning via their news releases, all whilst they were off loading their longs to the retail community.
Breaks and closes below the red line will add bias to the sept - nov sequence as a dominant trend.
If a wave 5 (yet to appear) is available price will need to break well above the blue line.
Traders must then evaluate whether price truncates @ 618 or, heads to the levels (90-120) the banks were spinning via their news releases, all whilst they were off loading their longs to the retail community.