We have a long opportunity in crude oil now. Crude oil has been sitting at the 61.8% retrace around 45.40ish for the last couple of days.
A study of the longer term cycles shows that we have just completed a corrective red zone which actually started in March 2018, this cycle reached a low in December 2018 and will reach its next high in June 2019.
We are still in a green (bullish) longer term zone which started January 2016 and should end around July 2019.
These cycles are represented by the different types of vertical lines on the charts.
I believe after August 2019, we will have the chance to short oil once again.
If the 61.8% retrace does fail, then we may see a drop to $36-40, so be careful.
Stop loss 44.90
Short term target 51
Longer term targets range from 62 and up.
This is not recommendation to buy or to sell.
(see information about cycles at the DJIA links below)