WallStScalper
Long

Dancing (Blood) in the streets - EW on USOIL

FX:USOIL   Crude Oil (WTI)
497 6 4
I see a bottoming process here for crude.
For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown)
The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band .

I'd say price has set in the low on the 13th of jan and has completed it's first wave up (in green) above the forme wave 4 in the 5th wave down at 49.58.

That is significant and mean the downtrend has stopped by setting in a higher high - 2 days later on the 15th of jan. at 51.24.
Fridays action completed wave 2 down. (We could monday see a little push down towards the 0.886 retrace for taking out stops).
At the same time there is positive divergens on the RSI and the Awesome Osc.
When the 13 ema making a golden cross of the 34 ema we have the conformation.

I expect the price to rally to the 50 dma which in a week or so - will come in a little above the middle bollinger band around the 1.618 extension.
If you cast a glance at my other chart on $USOIL l made with harmonic pattern tools - you'll see that the 1.618 extension of wave 1 comes in around the same handle as the 1.272 extension - the target for the D-leg.
So 2 techniques are showing the same.
Safe trading ladies and gents!

@BLawrenceM

Music at work:
https://www.youtube.com/watch?v=9G4jnaznUoQ
http://open.spotify.com/track/6FnuMo55jNECTDdS1nD5H0
Wall St Scalper
jangseohee
2 years ago
could well be, XLE showing triple bullish divergence
+1 Reply
sorinelp
2 years ago
Tanck you nice analisis...
+1 Reply
goodguy PRO
2 years ago
BL thanks for the chart. I am in agreement with your count. Now if the market would also agree it would be grand. Oil rising from here fits well with my thoughts that the US Dollar index is about to fall. Well see. Have a great week. Goodguy.
+1 Reply
jangseohee goodguy
2 years ago
Interesting.. some feels that there is still upside in DXY
+1 Reply
WallStScalper PRO goodguy
2 years ago
Thanks for your comment. We'll have to wait and see if this is indeed the bottom. The count fits for an upmove ....but this could also just morph into a major 4 wave up and then further downside to come . For now I'll take it for a momentum break. If we see a lot of 1 2 waves slowly climbing the wall of fear - it could be the bottom. Dollar could aswell be in a 4th wave down and a 5th up still to come. Time will tell...
Reply
sorinelp WallStScalper
2 years ago
i wait to see
Reply
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