Update to previous idea > Possibly in WXY correction with Y completing around the 7080 level. 1H, with possible starting wedge for A of Y > Possibly nearly complete with wave 4 of C of Y >
Update to previous idea > Crude appears to be in a triangle for what could be wave B. Possibly in the final leg (E wave) as per below charts: The details of ABCDE pattern: The details of E wave; you can see what appears to be 5 wave structure up from the bottom which halted at .618 extension of wave 3, possibly the end of A wave, before B to .382 level,...
I was asked in the last chart what my views were on larger timeframe so here it is. There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this...
An idea for Elliott Wave for Crude Oil. Possibly upcoming wave 5 of 5 to complete and ending diagonal (overlapping waves in yellow). Can't show 5H chart here so from Investing.com > invst.ly Shows similarities between the drop from 6666 to 5810 and drop from 7524 to recent low.
West Texas Intermediate Crude Outlook Technical Analysis: Still on an uptrend but indicators are showing signs of weakness. - Bearish Divergence on the Weekly for both RSI & OBV - Elliot wave count could indicate end of wave 5 and start of an ABC correction - Break below 67.476-ish area bottom of trend line would indicate further bearish momentum however...
Brent crude had a dramatic 6% daily drop on Wednesday- The break of a long term up-trendline is a likely precursor to more weakness. Scenario A) Price rebounds from 72.50 support back towards 76 resistance. Bearish action resumes from 76 or price continues higher into range Scenario B) Price continues to fall below broken trend line with immediate break of 72.50
Technical analysis. On the 4 hour chart of BRENT crude you can see the old figure of HEAD SHOULDERS. At the same time, you can see the formation of the figure DOUBLE BOTTOM. Given that the sellers failed to break through the KEY resistance level in the area of 72.10, the price rebounded up and fixed at the level of 75. The option of moving up looks more...
In early 2019, I expect a big fall in oil prices. For the inhabitants of Russia this is another fall in the exchange rate of the national currency to the dollar: now 1USD = 57RUB + 75% (falling oil) -> 1USD = 100RUB in 2019. We wait...
Oil will go Slightly uo in the coming hours - and will slump down.
CL_Brent weekly overview Price is moving to key level $80.41. Also, it is 2 - months high. Near that level, I will wait for my price action signal. Such levels are keys because many traders hide their stops upper it and have set pending orders. I have 2 scenarios which I will use: 1. I will look for short ONLY, If the price will make fake broke of $80.41...
Since I have joined trading, I didn't like the idea of trading commodities as I am a futuristic investor/trader and in my opinion commodities are overvalued and most of them such as oil and gas prices will eventually crash because as the technologies grow and the world keeps innovating we will find substitutes for producing energy instead of fuels and this...
Possible short in USOIL H4 + D1 RSI overbought niveau. Possible retrace expected. Also possible trend change short back to 64$ SL 81$, TP1 72, TP2 70, TP3 64 Good luck :)
Not enough coffee before posting this morning...I think my last chart is incorrect as Y wave must be an ABC, not 5 wave structure, so this is the alternative and a look at smaller timeframe below: 1H > B wave correcting .236 of A wave. 5M > Wave 4 of A correcting 0.5, fib levels seem to make sense
An update to this idea > Wave 5 is obviously completed now but at 6360 not at the 6250 area. Possibly in wave 2 now which may be near completion (although seems crazy to think that considering Friday's rally). A look at smaller timeframe: 5M > 1H >
Even if the cartel effect of OPEC drops considerably, I think it is too early for a short position. If there is a fall of 70 bucks, I will look for a long position oppurtunity. After shorting the orange trend line for short, the medium term target is written. I think short positioning will not start very quickly. Places where the simple moving average is 25> 99,...
Just an observation, some similarities between the move up from 61 to 72 and the move down from 72 so far, mirrored
Last post: June 5th. See chart . Review: Price was being propped up by a pivot support zone and the daily 50sma. Update: Price has broken through support with an aggressive bearish bar on Friday. Conclusion: Price is within a support zone that we want to see hold strong. Any further weakness and we will look to cut out of our long trade. Any comments or...
Update to this previous idea > I believe wave 4 completed at exactly 0.382 of wave 3 (blue waves) with an ending diagonal for wave C and now in wave 5 to 62 area