We have a 'cause' in crude oil, those Wyckoff traders shorting it will have price targets, which are shown below.
Crude oil price is very important, for one (not all) reason DEBT is held by those companies involved. As the price of crude falls the debt risk of default goes up!
The last 18 months has seen a consolidation which has disappointed the the bulls, in fact the bears may have built up shorts. Wyckoff traders trading the downward break out will have targets, as shown below the easy (RED) and hard (PURPLE) targets are shown using the Richard Wyckoff (or Bob Evans) PnF count guide method. This method has been used by Wyckoff traders for 90+ years. The price targets are just a guide to see if demand arrives that may or may not halt the down trend.
Now we watch and wait to see how the liquidation unwinds. Every one has pop corn right!
Investing Quote...
"After years of patient study I have proven to my entire satisfaction as well as demonstrated to others that vibration explains every possible phase and condition of the market." ~ William D Gann
"Don't try to buy at the bottom and sell at the top. It can't be done except by liars." ~ Bernard Baruch
"The key to making money in stocks is not to get scared out of them." ~ Peter Lynch
"October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." ~ Mark Twain
"People somehow think you must buy at the bottom and sell at the top to be successful in the market. That's nonsense! The idea is to buy when the probability is greatest that the market is going to advance." ~ Martin Zweig (The inspiration behind a number of Martin Zweig's methods came, from Jesse Livermore).
