EW count and analysis for CL1! crude oil. Notes embedded
I will be buying at around 48/BBL and looking to take profit around $66 with a possible extension toward low $70's. Place stops at the (b) wave low around $42.
I dont agree with u
1-this divergence is not bulish . because we must have lower low(down trend) at the chart and higher high(up trend) at the indicator to be bulish divergence !
2-the price is below the inner trend and after breakout of correction trend yesterday.. we are waiting to breakout of cosolidation to short . if it goes up to 4H trend that will be 52.00 only .
the best thing to do is wait until price breakout of consolidation and sell .
RyNinDaCleM
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1- This is called Hidden Bullish divergence. It occurs when selling is strong, but support is stronger. Making lower lows on EWO when the price does not make the lower low.
2- A chart would help :)
SMLFinwave
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Did you go long?
RyNinDaCleM
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I did begin taking my position, however, the structure suggests that $45 may be in the cards so I am doing more of a taper-in. As the price drops, I will pick up larger chunks.
Divergences are getting stronger and price action getting weaker. This can't last as it is going now.
aibek
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Hi man! Agree with an idea and larger count but inner waves are corrective 4ths overlap 1sts so can't be impulses.
wait for 46.40-47 to see if reversal appear.
The only one who has mentioned the time spent in wave 2 its 5 months and we spent 5 months in wave 4 already which should be more complex than simple 2 so it will take more time to complete it on the way up of large C of 4
RyNinDaCleM
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I agree with the ending diagonal. That is what it's currently looking like. That or we are in nested waves to hell :P
Other than that, I don't see this overlap you speak of.
One other thing, your linked chart has an abc for C? C is always 5 waves whether it's an impulse or a diagonal.
SMLFinwave
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Interesting development regarding your prediction. Price turned around at your 76.4 fib and oil stocks have rallied today. Still need confirmation, but I am thinking of beginning to take a dabble as I like oil at this level. I think if the 42 low holds right now, then it will indicate a bottom has formed. Good charting.
RyNinDaCleM
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It seems to have some good support here around $46. I have increased my position here and will do so further if it gets to 45.
Thanks for looking and don't forget to like it :)