Another possible correction as per this idea >
Possible triple three with double three in the middle.
Trend was up into the correction so should continue up once completed?
Updated on two recent failed ideas >
Possibly in a larger flat correction "double three" formed of zig-zag / zig-zag / flat with wave 5 of C 2.618 extension pointing back to 6714
Alternative to this idea >
If this is a bear flag and not a starting wedge then it could be wave B of 2, with C starting now.
Will try buying around 6850 but if 6835 breaks then in my opinion this idea will be the primary one.
Update to this idea >
Classic descending triangle breakout occurred and formed the first and second waves up toward 71, looks like a starting wedge has formed for the first impulses of wave 3, should be a buying opportunity around 6850 in my opinion with a strict stop loss below 6835 (start of wedge).
Still holding longs from 6733.
I have been waiting for prices to break up into a 69.37-74.14 range and based on current prices action along with 2014 broken support levels, believe we may see extended sideways action in this range, for several weeks, if prices do indeed break upwards. With the Brent/Crude spread in excess of 4 dollars we are still favoring exports; along with potential Iran...
An update to previous triangle idea >
Looks like the internal waves of E are underway with B of E (purple waves) tagging the sloping triangle trendline later on Friday. I believe we are in C of E now.
All waves made up of 3 way ABC patterns as you would expect for a ABCDE triangle.
I have a short position from 6815 to close at 6715 and then long from there...
Alternative to this idea > www.tradingview.com
Discussing with a friend and fellow Elliot Wave trader we came up with the "Double Three" idea where we had a zig-zag/zig-zag/ABCDE symmetrical triangle as part of a double combo (WXY). If this is the pattern it is either completed or very near completion (possibly around 6780) for E wave of the symmetrical triangle.
Carrying on from this idea >
Looks like we have seen the second running flat ABC correction that formed a larger B wave. According to reference material a running flat correction is when price is range bound, wave B terminate below the start point of wave A and wave C terminates above the end point of wave A. Looks like that same pattern has formed in crude.
If...
Zoomed right out and comparing currently triangle to triangle formed and broken out in March and update part of previous ideas >
I think we are in the final leg (E wave) to the triangle bottom.
Crude maybe in wave 4 ABCDE descending triangle.
Bounced twice now at typical wave 4 fib level 0.382 of wave 3 and formed what appears to be a descending triangle, may be in the final leg before breakout.
We had a similar triangle form before breakout from $60 >
The market looks interesting for shorting. We have a double bearish divergence which gives a trend reversal signal. If the price reverses from 75.00 level and moves lower, we should expect for a breakout below the 1st uptrend line. It will give us a sell opportunity. Entry level can be below 73.00 with stop orders above 75.00 level and local swing high. Profit...
Brent is trading in a corrective mode today after a nearly flat closing on Friday, with the barrel is now treading water around the $73 level. The current profit taking looks limited for the time being, and should the prices refrain from losing the intermediate support at $72,80, there will be a chance of regaining the bullish move in the short term.
Aside from...
It seems like oil is finally running out of steam at current prices. Looking at the MACD divergence forming, i will definitely be selling ukoil. Expecting to reach 70$/barrel mid-term and 60 in the longer run.
Oil "appears" toppy but is strong trading week of 04/15.
After a $3 pullback week of 04/01 WTI saw a significant jump despite inventory numbers proving Bearish week of 04/08. This was accelerated due to obvious fundamental forces. But also, see my prior study below and notice how the technical's were demanding a $67 price point before last weeks Syria drama took...
