zhipengcfel

Oil rising channel was changed

NYMEX:CL1!   Light Crude Oil Futures
Oil raised from 42.03 to 62.58 within the last two month. Last week it breaks out the rising channel and nearly went back to no man's land. From the Elliot wave theory oil has completed the wave 3 and is now in wave 4. If it does not go back to no man's land, its rising channel will change to another flat rising channel and go up to 63.7~65.7 to complete the wave 5 and then going down. The previous rising channel will be a resistance to oil's up trend at the moment.

Based on gann's theory the 45 degree trend line is the most sustainable one. After oil going to this flat rising channel , it might not last too long. After it completes wave 5, it will go down quickly.

Comments and suggestions are welcome!

Comments

I am a fan of your charts and would love to see your latest take on CL. I personally believe we are near completion of a distribution phase that will break down soon and will not retrace above 60.20. I also believe we are sitting at the top of the original 2014 DOWNtrend channel. Interested in your thoughts.
+1 Reply
zhipengcfel smitheric1970
Thanks. I am really glad that you like them. This is my idea of short term.
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smitheric1970 zhipengcfel
Thanks, much appreciated! Good lines. I'm assuming that the break above upper resistance was just a fake above prior to reverting to the lower channel. There is also a longer term upper trend line that prices appear to be bouncing off of, shown on my chart, also supporting that area of resistance.

Thanks again!https://www.
+1 Reply
How can a channel just be changed?
Reply
zhipengcfel ElPatron.Y
When price breaks out of one channel, it will enter another channel (e.g. V pattern). Here the oil does not go v pattern but just slows down the rising speed and undergoes a transition from bullish to neutral then bearish.
+1 Reply
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