BRENT crude has been in over-bought territory since 22 August. It looks like it could roll-over here for a move towards $73.00...It's a brace short but what a nice move if you catch it!
An alternate to his idea > And part of this idea > This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high. If the base channel (blue) holds at the .382 level next week then we may see a 5th wave to to $70 area to complete a larger wave 1, followed by wave 2 to the 0.5 level before wave 3 to...
A follow on from the is idea and possible count for sub waves of wave 4 >
The bigger picture for this idea > And follow up from this idea > If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. Ultimately the invalidation point for this count is wave 4 crossing wave 1 at 6636, however, if the base channel breaks I think bears might have control. The blue...
An update to a series of ideas that have crude in bullish waves up towards $75. 1D > Recent chart with subwaves prior to this current chart > If crude completed wave 3 then may see a correction back for wave 4 before up for wave 5; invalidation point is 6815 (wave 4 crossing wave 1). 1.618 extension at 6946 has not been met yet so may rise further before the...
An update to this idea > If this is subwaves of a bigger wave 3 subwave 2 (white) corrected to exactly the 0.618 level at 6734 and wave 3 may extend to the 1.618 level at 6947.
Correlation divergences are important to look at. In this instance, we view the AUDUSD rate as a clear proxy for oil prices, in which a big divergence has occurred recently. With the drop in gold and copper also mirroring AUDUSD, it seems quite likely that OIL will soon head south as well, going below $60 at the bare minimum. Oil has seemed to lag the rest of the...
I think oil is now in wave 3 up and we're heading towards the 75-78 area eventually. An update to this idea with the subwaves of wave 1 in yellow > Linked to this bigger picture idea >
An update to long term Elliott Wave idea > Wave 4 did not quite reach the .382 level but the channel bottom was hit so we might see a new impulse up. Below 6440 would be quite bearish in my opinion.
Rebounded off strong resistance and downtrend should begin. TP1: 69.90 TP2: 65.75 SL: 73.20 or as per your analysis and risk assessment. Good Luck and Trade Safe!
Update to this idea with a slightly different count on October contract > Possibly in wave 5 now but the yellow wave iii could also be C wave and that could mean we're already in impulsive move down, key price is at the red line as crossing this will invalidate it (wave 4 crossing wave 1). Some nice fib levels in subwaves of wave iii (yellow) > Some nice fib...
Crude looks like its at the end of wave 3 or C and may correct soon to .236 or .382 before going up for wave 5. If it falls below 6521 then I'm expecting a bearish leg down below 6440 as with this count wave 4 will cross wave 1 invalidating bullish move. If price goes higher than 6628 in this current wave this will be invalid as wave 3 (white) will be the shortest.
A hybrid (lol) of a couple of recent counts. 1 > 2 > 3 > Crude pushed down for what looks like wave 5 to almost the 0.618 extension and a very bullish reaction from there so it could be that WXY from 75 is now completed, but there is a chance for x(2) and Z to follow. As x(2) must be shorter than Y then a move above 7040 could be very bullish.
Update to this idea > Linked to this idea > I think a larger ABC is in play and now either completed B leg at 6650 or possibly one more leg down to 6635; alternate counts below on 5m chart. C completed > C to 6635 >
Linked to this idea > Possibly completed impulsive move up for A or 1 and B or 2 coming up next before the next impulsive move upwards. 5M >