Woerle

Woerle

After reaching the proposed target of 4100 it is time for looking for the turning point. I cleared and adjusted my charting a bit: RENKO indikates a turning point at approx. 4180. We can see on the weekly bars chart a 5 leg down movement followed a small zig-zag, which finished at approx. 4200. We can expect another 5 legs down series as we are in a bear market....

Woerle

The target of approx. 4100 is within reach also considering the FIB-timeing on July 26th. We shall mind the trough however on August 9th and the fact that downward movements can be very rapid and sharp. There is no betterment in the financial environment yet with FED interest rates going higher, sentiments going lower, EPS to be adjusted in most cases eventually...

Woerle Updated 

As Oil has broken its bottom of the trend channel there is a massive price break down in the cards, considering present recession fears and FED price hikes. I expect price to move into the lower range box with a price target of US$ 63 - 65 mid-term.

Woerle Updated 

I tend to believe that we get a short time bullish action until the bear trend continous for a market capitulation probably before October 2022. The RVGI-Indicator is trying to turn upwards and price level is at critical Fib-support.

Woerle

I always look as well on the RENKO-Chart. Here we can project as well a retracement action with a target of approx. 4000

Woerle

W-patterns are common during a topping process and to me it seems likely that we just see the development of another one.

Woerle

Watching the VIX chart carefully, one can identify a lot of W-patterns on the daily chart. Currently, there is a W-pattern in the final stages. Interestingly, a W-pattern is usually a trend continuation pattern during an up-trend. Conclusion: with reference to the ending of the final wave in the S&P 500 this W-pattern of the VIX chart gives us a clue of the...

Woerle

The repetition of the W-pattern as a fractal is very interesting to me, especially at the chart position at the moment and adds information for chart analysis, if one looks for various perspectives of a chart on a bigger timeframe.

Woerle

Indicator RVGI is bending, the rising wedge is ending, limiting trendlines, last extension wave ending ..... do we have more questions? Probabilities provide a good risk reward for a short. Fundamentally, at gov. level things are stalled until a new president is sitting in the white house, but until the, quarterly and annual figures are leaking from the system...

Woerle

Finally, the leg dropped to approx. $39, which I did not expect any more. Here one can see, that it is not only important to get the prediction of the movements right, but also the timing. I failed on the timing badly in this case. Nevertheless, we go forward and here is the probable path. We have another W-formation building up and its extension could bring a...

Woerle

The second W-leg did not move down to $36.80 but only to $37.50. But the W-pattern developed alright. Price moved out of the sub-channel and is trending sideways, resting on the 0.236 Fib support. The expected down-leg did not materialize in the way as I expected it, which was a retracement to the 0.382 Fib level. I see that as a bullish argument for a higher...

Woerle

This is an up-date on my last publication. The wave "pattern down" did not extent beyond the low of the previous down movement and rather developed into a W-pattern. We can see something similar with Oil presently as well. The bias for the next two weeks should be bullish with a target towards 3330, but with a corrective wave around 3200 (resistance level). On a...

Woerle

Albeit the noise in the news about Covid & Co there is a forseeable impact on the reduction of oil output from July onwards on the physical side. From the technical side, there is a repetition of the W-pattern in the cards. Although, we are in a strong resistance area upwards, the W may form alright, maybe the upward move could be crippled at the $41.50 level. The...

Woerle Updated 

Currently, I see a high probability for this wave pattern here. I'm not so convinced but may be I will risk one mini-future on it for a gain of approx. 200 points with a not too tight stop at a resistance level of a 15 min. time frame. I think it is important also to watch Nasdaq index as it has already reached its previous top and leading stocks are also the once...

Woerle Updated 

There is a H&S pattern almost completed in the 4h chart (H&S has an approx. 60% probability of positive out-come) with an approx. extension target to US$ 44. We do not know what the trigger for this could be as stocks are pretty high historically, but from a technical point of view, there is a good chance of prices keeping to crawl upwards. The rapid b/d made me...

Woerle

S&P price moved down quite fast yesterday and we can expect to find a support level between aprox. 2970 - 2920, where there are also important FIB-levels of two projection points. Nevertheless, a much stronger support level will be only around 2770, where a trend line is passing and where a relatively strong RENKO support lies. This is part of a topping process...

Woerle

After Oil price has failed to pass beyond the resistance zone between $40 - $42 and seeing the quality of the downward move (likewise in the S&P), we have to be very careful as neither the down-trend nor a continuation of the up-trend is clear. On the short term, I expect a drop to the support line around $ 32 and from there is a tendency for a drop down to...

Woerle Updated 

Yesterday was a great trading day indeed ! S&P pushed up and reached nearly my target level. But mind you - it will be a topping PROCESS and not a simple straight downward move. I'm expecting a testing of the top level at least two times and the final turning to the downside between June, 16 and June, 19. For now, I'm staying out of long positions, which are going...