Basically quite neutral on all time frames, but somehow the short term bias still looks slightly more , until it holds above 43.
- setup still valid. Possible being built.
- Interesting note I read: This is already the longest streak in history, when WTI trades below its 200 days SMA!
- Heikin Ashi shows absolute undecision, consolidation after the massive spike from the lows.
- 49,50-50 is becoming a possible strategic reversal level!
- setup is turning to neutral: Chikou Span hits past candles, Price trades between Tenkan and Kijun (above Kijun), Tenkan/Kijun are in weak position, future Kumo shades price.
- Heikin Ashi pattern seems to be a noise here. I don't see problem with holding some longs until Price holds above 43.
- Watch for end Wave 2. If Third wave starts, that can send Price up minimum to the supp/res zone 47,5-49,50.
In case you hold long, or you consider to enter long in dips, you must focus on "43 - buffer" as a stop level.
That being said Ichimoku is a great tool, and can help time corrections and predict which counts will work and which will fail. :)
If I may intervene in the EW discussion, the final C-wave of the crude oil correction is of an extended w-x-y-x-z type. Now, either 38 signifies the end of the z-wave and hence the bear cycle (with a slightly truncated C-wave) or there is an additional a-b-c to reach a new ultimate low of say 30. For an equal yield criterion concerning waves C & A, we need a value of 26 for oil, since the yield of wave A was about -77%.
But anyway, I try not to be so predictive, because in this case I fix my mind into certain levels and scenarios, thus I can not stay flexible :-)
So I follow the price action until it lasts.
Really nice chart contribution from you again, thx vm !