Oil looking for a big move up

FX:USOIL   CFDs on Crude Oil (WTI)
Price has followed the projected path as expected and is now looking for a small corrective decline to form wave 2 of C. After this comes the big wave up, wave 3. 29.44 is key level, if broken, the 5 waves up as wave 1 is invalidated.
I have a similar idea with you before. But there is one thing I am afraid is the wave b in your chart is five waves down instead of three waves. And the oil has been rejected from the bearish trend line for two times. It needs break out the bearish trend line to validate.
jdemunter zhipengcfel
Hi Zhipengcfel, I think the internal structure of the wave b is corrective, just look at the first part. I agree that when looking at trendlines, the trend is still down but evidence of bullish power is rising. In the weekly and monthly charts you can see hammer candlestick formations and the daily chart had a bullish engulfing pattern earlier this week. This could lead to a break of the trendline you mentioned and would result in a violent move up. This move up is what i believe will be a wave 3. Best of luck to you and thanks for your comment !
+1 Reply
oil has one more wave down to the downside target min 18$ then yes it will go up to 45--47 dollar area eventually oil will fall below 10$
jdemunter thulasi
Hi Thulasi, thank you for your reply ! I'd love to see a chart with your idea. I don't think oil will go that low, but it's always possible. Best of luck to you !
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out