“a huge bull wedge is in play” for crude oil
While I am not necessarily bearish on oil anymore, at least on a risk/reward basis, I find it equal parts humorous and annoying that the same guy who touted a “drop dead gorgeous bull wedge” (DDGBW) in the GDX Gold Miners ETF in 2015 is now humping a huge one crude oil.
Worse, he’s got two imaginary bullish inverted H&S, neither of which have even formed a right side shoulder yet, on the chart.
Is the squirrel gonna find his wedgey nut this time? Maybe. But here’s the chart I did back in 2015 (from the linked post above) after the DDGBW in GDX was bull horned to unsuspecting marks. Why, it actually broke out, too. Then it got reversed and failed miserably into the worst of the bear market. Look at that little thing. Was that a “drop dead gorgeous” bull wedge or was it a tiny little imaginary one within a purely downtrending bear market?
I don’t highlight the writer’s name because I don’t think he’s a really big public figure. But that stuff highlights who really REALLY wants you – if you are a less sophisticated investor – to see things his bullish way. The worst of…
After death/golden crosses, rising/falling wedges may be the next most useless novelty in TA. True confession: I once took them seriously, but after enough failures long ago put them in the novelty drawer of my TA tool box. The top drawer of my box? Trends, support/resistance and inter-market relationships, with divergences in momentum in the 2nd to top drawer. In the bottom drawer you find Wedges, Andrews Forks, Death/Golden Crosses and the like.
So here’s your “huge bull wedge” on WTI Crude Oil. If it takes out the SMA 50 the squirrel gonna find his nut. By the way, there are many more impressive looking inverted H&S in play across other markets than the two I have not bothered to mark up on this chart.
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Hi Gary,
I happen to be a paid subscriber to NFTRH as well as to the Service of the guy you referring to in your article of January 10th (Don’t look now oil bulls, but…)
I do see value in both services/subscriptions and please remember/consider that nobody get’s it right all the time…..
Regards,
JV
You are right. I sure do not get it right all the time either. The objection I have is the hyperbole in the public writing. It rubs me the wrong way. Not just him, but anyone who uses lots of ‘!’, which do not belong in serious analysis. It gives the NL industry a bad name.
What I like to see is people writing like they are writing to adults who can make their own judgements based on the material presented.
I know where JV is coming from, but Gary is just a competitive guy who sometimes wants to battle it out with other analysts. That is all, I think (I mean the man has probably written hundreds of songs but never a love song – what do you expect:)
Competitive? Oh yeah. But when I respect another analyst I post about it here (e.g. Rosenberg, Hoye, Byrne, Saville, etc.). When I don’t, well… But I’m not competitive just for the sake of it or for the sake of being an a-hole. I write what I feel. A-hole or not.