goodguy

Crude Oil: Updated long term my favored current view.

FX:USOIL   Crude Oil (WTI)
873 23 9
Weekly Linear Chart.. Notice that at the start of 2015 the weekly RSI was the most oversold that it has been in years yet price did not go below AA (a positive reversal). Currently we a bullish divergence in the RSI . Often (but not always) when you get this combination price will rise. Notice that the length of CC             is almost exactly .62 X the length of AA. This is a relative common occurrence with 5 wave contracting triangles which it seems to me this may well be. Time will tell. I am not saying you should trade on this alone but I like to anticipate in advance of price action. Take care. Have a great weekend.
jangseohee
a year ago
CL1!, dip buying
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goodguy PRO jangseohee
a year ago
Nice post. Thanks for the link.
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Yahia.Awes
a year ago
You are such a good guy hahaha.
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goodguy PRO Yahia.Awes
a year ago
Thanks. Looking forward to dining with you at the lighthouse. Have a great weekend.
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I think that your wave 2 doesn't make sense regarding time proportion of swings.
The sharp leg down is pretty indecipherable, talking wave counts, at least with traditional Elliott Wave. (neowave has labeling for this, and I think it's a diametric pattern)
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IvanLabrie TOP IvanLabrie
a year ago
A quote from an interview with Glenn:

"Glenn Neely:
That’s right. There are some limitations. First of all, I picked the markets that I have: Euro currency, Gold and T-Notes and the S&P because they’re all vastly
different from each other and pretty much the largest market in the area that they’re in.
There’s no reason to follow silver because it’s a lot smaller than the gold market, and it’s somewhat similar. If I were to add a market, it might be crude oil. I probably wouldn’t be able to have any Wave theory-based analysis on crude oil because it’s not likely to follow Wave theory well. It’s a consumable item that’s brought out of the ground, processed,consumed, and then it disappears.
For Wave theory to work, it’s important that you have something that has a perpetual life and is more based on the opinions and feelings of people, not based on supply and demand."
+2 Reply
IvanLabrie TOP IvanLabrie
a year ago
My view, if you want to know (probably not, sorry):

Crude oil (WTI): Get ready for a meltdown


:D
+3 Reply
Adhami IvanLabrie
a year ago
Logical
+1 Reply
goodguy PRO IvanLabrie
a year ago
Very Interesting. Thanks.
+1 Reply
IvanLabrie TOP goodguy
a year ago
Just another perspective, good luck with the trade!
Have a nice weekend.
+1 Reply
DanielDirlam
a year ago
Another confirmation of your suspicions is to look at the weekly XOI (Arca Oil Index). I see an almost text book Head and Shoulders formation, with the head in the 1700 range and shoulders in the 1400 range. There is an almost textbook return move to the right shoulder at the 1400 range. This to me suggests a bounce in the 1100 -1200 range, which is where we are at. Also many bullish divergences showing RSI / MACD / Stochastics etc. Great Chart! You are a good guy!
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jangseohee DanielDirlam
a year ago
Let's check it out.. DanielDiriam
whether it is XOI, XOP, XLE or whatever energy index, i reckon the pattern is almost the same except the value
monthly wise it looks a little bit hidden divergence though the candle is not completed yet
snapshot


while weekly shows almost a class A bullish divergence, though next week's candle is important and has to be UP
snapshot
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goodguy PRO jangseohee
a year ago
Jman Great charts. Thanks and have a great weekend. Goodguy.
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goodguy PRO DanielDirlam
a year ago
Interesting. Really
snapshot
+1 Reply
DanielDirlam goodguy
a year ago
Move the neckline you've drawn at 1172.80 up to 1409 and then you may see what I am referring to as a Head and Shoulders pattern.
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Crit_Nasty
a year ago
That's actually Negative divergence.
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goodguy PRO Crit_Nasty
a year ago
Explain please
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Crit_Nasty goodguy
a year ago
Example: When the market's PA is moving in an uptrend and the movement of the RSI/MACD/Whateveroscillatoryou'reusingatthetime show's you a downtrend, that's negative divergence. It represents future potential momentum swings.

snapshot
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goodguy PRO Crit_Nasty
a year ago
Crit thanks for your input and reply. Frankly I am so tired right now I must go to bed. If you have a few free moments this weekend show me chart example so I can understand better what you are saying. I have a lot to learn. Thanks.
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Crit_Nasty goodguy
a year ago
I completely understand. Get some sleep! I'll talk to you later homie.
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Crit_Nasty Crit_Nasty
a year ago
Just message me when you've got some free time.
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jangseohee Crit_Nasty
a year ago
hi Crit, you know bout hidden divergence?
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Crit_Nasty jangseohee
a year ago
I do. I am however very curious as to what your interpretation of it is...
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