In addition to the base case scenario labelled in colour letters and pale lines, I am introducing a new scenario in which wave [ ii] is not yet completed and is undergoing a more complex yet statistically probable combination of flat (w), double zigzag (x), and triangle (y).
Yesterday was an early call. The market moves in the form of a simpler yet more effective simple zigzag, which can easily develop into a more intricate wxy later on. Nonetheless, the market has retraced significantly, and I anticipate that the uptrend will continue soon.
Right... Clearly, the market is not impressed by His Royal Highness' ability to reign over the oil price. Having said that, I still see an immediate uptrend. So, either the market will reconsider or something new will occur. The outlook remains unchanged; I simply had to shift local tops and bottoms.
Series of 1-2 1-2 can lead brent price to 30 dollars area . It seems impossible today , but in the end of 2019 before the crash " everything was good " Recession , Deflation , liquidity problems will prices down . Everyone hopes on light recession , but everything will be much more worse
Okay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in...
I feel compelled to share another possible scenario. If OPEC+ fails to agree on a meaningful cut, we may see increased volatility, which could shape an expanding leading diagonal (red dotted line and pale wave count). The bigger picture is in the previous post .
I promised in the previous post that I would discuss medium-term charts. I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis. This time, there is another layer of...
whenever joe reach this zone its pull back with very good volume lets see now
Crude has built the base for a wave (C) to complete circle wave 2. Expect to see a sharp move up to 92-96 zone in Brent. Wouldn't recommend taking longs afterwards.
It looks like WTI Crude Oil is forming an ascending triangle formation on a daily time frame that signifies a bullish accumulation. To confirm a bullish continuation, monitor the neckline of the pattern. If the price breaks and closes above 74.3 that will confirm the strength of bulls. A bullish continuation will be expected to 76.6 level then. ❤️Please,...
Crude oil: gaining on lower inventories While the broader macro conditions remained complex as hawkish Fed speak and debt ceiling deadlock weighed, crude oil prices managed to inch higher and start the week on a positive note after heavy selling both in paper and physical market over the last few weeks. Supply side news remain mixed with Russian exports...
Over all trend is bearish on the weekly, but we expect a buy before the move down
Oil prices have remained under pressure over the past month, with Brent crude falling 13.6% amid recession fears in the US and weaker-than-expected economic data out of China. Still-elevated Russian exports and the sizable inventory build at the start of this year due to a milder winter in the Northern Hemisphere have also played a role. We now see the Brent...
WTI Crude Oil is stuck between 2 solid structures. Depending on the reaction of the price to these structures, I see 2 potential scenarios. Bullish Scenario. If the price breaks and closes above 74.3 resistance on a daily, a bullish continuation will be expected to 76.57 level. Bearish Scenario. If the market drops and closes below 69.4 support, a bearish...
Here is my latest structure analysis for USOIL. Support 1: 63.6 - 64.5 area Resistance 1: 73.88 - 74.3 area Resistance 2: 76.5 - 77.0 area Resistance 3: 78.6 - 79.9 area Resistance 4: 83.17 - 83.5 area Consider these structures for pullback / breakout trading. ❤️Please, support my work with like, thank you!❤️
WTI Crude Oil has recently reached a key horizontal resistance. Testing that, the price formed a head and shoulders pattern. Its neckline was broken yesterday. The price is currently retesting that. I believe that selling volumes are currently accumulating. Probabilities are high that we will see a bearish move soon. Goals will be: 69.87 / 68.11 ❤️Please,...
Here is my fresh structure analysis for WTI Crude Oil for this week. Resistance 1: 73.88 - 74.3 area Resistance 2: 76.56 - 77.10 area Resistance 3: 78.60 - 79.85 area Resistance 4: 83.2 - 83.5 area Support 1: 67.90 - 68.05 area Support 2: 64.4 - 66.9 area Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
I don't do a lot of short-term work, but a small scalp in oil with good risk