chartwatchers
Long

OIL - JUST A TRENDLINE TEST BACK

FX:USOIL   Crude Oil (WTI)
2847 45 61
First of all : oil's daily cycle are lasting for 40-60 days. Today is day 23.
Again : There is no way to top after an intermediate decline on day 13.
It was a tough and scary decline but that was only a half cycle low : it bottomed on day 21.Now we have the pivot which we can watch at the daily cycle decline 1.5 months later.

Powers forced a shakeout on all retail traders last week. Now when every retail traders are short the next leg up can begin. And of course today all the fundamentals are on the long side again :
Oil futures jumped Monday, building a little on Friday’s sizable advance that came after Russia’s president called on major producers to limit output at an upcoming meeting.
And one more interesting thing: US investors will stay out of this rally as there is the Labor Day holiday today.
We were above 5% plus in the morning today. And we regained both the 10 and 20 EMAs on the weekly chart.

ERX and oil             shares will open tomorrow with breakout gaps which never will be filled again.

My last week's 2 oil             posts are available as a private idea (For private ideas follow me on twitter):

OIL - Still in the flag

OIL - Shakeout
Comment: ERX is still in a rally mode though oil is falling.
Who is the liarliar?
snapshot
Comment: ERX is the red-green candle , oil is the blue
Welcome back!!! We missed you.
+4 Reply
Welcome back Arpi!
+2 Reply
You're back...legend!
+3 Reply
oilyprata Trendhopper
Agreed!
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What the tradingview did was absolutely nonsense!!! you need to make your own paid subscription website.
+3 Reply
What happened actually?
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Welcome back!
+1 Reply
welcome back Arpil. we all missed u :)
+1 Reply
We are glad, that you are back!
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Parabolica Parabolica
Don't leave us alone ever again!
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Nightstar Parabolica
When you say it like that it sounds creepy :/
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Parabolica Nightstar
Hahahaha! :)
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ieducswesps Nightstar
:))
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Welcome back Arpi
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Welcome back!
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Thanks a lot for your guidance. What's your twitter's name, how to find?
+1 Reply
@ArpiKerenyi
+1 Reply
sampo cbede
Thanks!
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Has to bottom at 43.20 before the the start of the biggest ABCD pattern in tradingview history.
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Welcome back
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Happy your back!
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WB
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Welcome back April
Well the names have all changed since you hung around
But those dreams have remained and they've turned around
Who'd have thought they'd lead ya
Back here where we need ya
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Creative! Very nice.
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ieducswesps USSRandolph
yeah,poetry.
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Good evening , very happy to see you. I look at your work , it's good . I asked what would you lifted the ban . I wrote curators , I know them. welcome back!
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I am from Russia and wrote in their head office . Please stay here .
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We all missed you...
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Good to have you back...not a fan of twitter!
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Welcome back!
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Biggles val_trader
Yey your back :D
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what happened?
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WB from down under!
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WB mate - enjoying your analysis
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Welcome back Arpi! We greatly missed you! Thank you for sharing Arpi! Big fan and Tradingview bad call! :S
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Thanks Sir! We greatly missed you! Thank you for sharing Sir!
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I have got to be honest , i'm not liking this oil. It has now broken the backtest and its looking to test the lower trend line created from the low of 2nd Feb and 2nd Aug. We could be looking at going down to the $42 mark. On the larger cycle of around 175 days , we are only 33 days in from the low.We should be looking at the second half of October until we hit the top. This is not a market to short but a market to be patient where you are holding longs or waiting for a good entry to go long.
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DS77 mrtommifunn
While its early... Today's candle isn't inspiring confidence. Haven't seen a wick that tall in some time.
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TL still holding .....
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Yes - my ERX buy is holding out much better than my UWTI buy over the last couple of weeks.... You said that early in this series of "long" posts that the stocks would fair better than the commodity.
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School is back in session. The Professor is back!
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Arpi, looks like USD fall is rather holding the USOIL rather than making it rally. Do you have any explanation why it still doesn't rally? thank you
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Thoughts on the OIL pull back today ?
Is it due to rig count release at 1pm EST and rising dollar ?
Assume you need to have a twitter account to see private posts, correct ?
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#confidence
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