BMYWin
Long

Continue Bullish

FX:UKOIL   Crude Oil (Brent)
216 5 2
Weekly chart 4 soldiers has been build.
Back test support this week. It stands good above the support level .

If the back test is wave 4, then wave 5 target will be:
1st target: 42.41 => Reach
2nd target: 44             .50
3rd target: 49.30

Support:
1: 40.70
2: 39.04
3: 38.30
4: 37.55
Bearish divergence on RSI
Reply
BMYWin andberg
Yes, Technically from the chart, You are 100% correct.
Weekly Chart RSI is hidden Bearish divergence, too.
4 Hours Chart RSI is Bear divergence, too.
Candle Chart is a bearish hammer on Friday.

Monthly Chart RSI Bullish Divergence.
Weekly Chart RSI Bullish Divergence.
Daily Chart RSI has hidden Bullish Divergence.
4 hours Chart RSI is hidden Bullish Divergence.
Reply
adelb BMYWin
Signals don't go in the same direction. Some are long, some are short. Plan your trade, think about it, and make your choice. Imho we are leading to 38.60, than up :)
Reply
BMYWin adelb
It might be going back to test 90 days average again. 4 or 3 solders means any pull back is the long term long position opportunity. Stop loss can put lower than 90 days average.

If this is Wave 1: 36.14 - 27.08 = 9.06 (36.14: high of 2016/01/29, 27.08: Low of 2016/01/20)
If 29.89 is the low of Wave 2: 29.89 (2016/02/11)
Then Wave 3 Target might be:
A. 29.89 + Length of Wave 1 X 1.382 = 29.89 + 12.52 = 42.41 (My First Target Reach)
B. 29.89 + Length of Wave 1 X 1.682 = 29.89 + 14.66 = 44.55 (My 2nd Target 44.50)

Another Estimation:
Wave i of Wave 3=2016/02/11 Low 29.98 to 2016/02/18 High 35.71 (Length = 5.82)
Wave ii of Wave 3=2016 High 35.17 to 2016/02/24 Low 32.34
Wave iii of Wave 3=2016/02/24 Low 32.34 to 2016/03/08 High 41.46
Wave iv of Wave 3= 2016/03/08 High 41.46 to 2016/03/15 Low 38.30
Then the length of Wave v of Wave 3= length i = 5.82 + 38.30 = 44.12 (near to 44.55)

Is the price of 38.30 the low of wave iv of Wave 3?
or there is another low than 38.30 will be the iv of Wave 3?
We need to observe its direction. But overall the power wave 3 sound like target to 44 or 44.5.
Reply
BMYWin adelb
Dear Sir, hit your target. Excellent.
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