alfitec
Long

CL1 Triangles, End of corection, on not?

FX:USOIL   Crude Oil (WTI)
127 4 2

On 4 hour chart i beleive this are triangles,
they are usualy found on end of correction or part of correction,
in theory (i am beginner and learning)

Other than that I beleive that short term chanel is pierced and it will go up...

Please comment
Comment: I forgot to mention,
I believe, and hope that Oil will go lower (long term)
but at this moment I will be going Long for Monday if there is no big weekend gap...

Expecting rise Monday and Tuesday
Comment: Figured out that i am an idiot...

Analyzed wrong symbol this is WTI not CL1! :(
Fortunately all is the same with CL1! (more or less...)
Fortunately they will go together so there is no real problem...
volumes on the last few bars are too low,
likely a knee jerk reaction to turkey breaking out at the same time.
Reply
i suggest that you draw an extension of the resistance of the correction, wait for consolidation since the break out is fresh + you could take a scoop from lower (around 45.9)

Notice that volume is low on break-out.
+1 Reply
Hi. I like your idea I think you're correct on that diagonal. So what happens now?

snapshot


I think that diagonal could have been the Y wave. And we're possibly seeing a triangle form right now for Z. W was a running flat.

Let me know what you think
Reply
alfitec benchch
Thanks,
Looks like we are waiting wave 5

On the other hand i have all 5 waves already counted... but then wave 1 should kick in...
I see that lot of you have counted to 3 so i beleive that i am wrong... but anyway

If wave 5 kicks in and its a failed vawe we can have sesonality fulfiled (drop of price towards february)

So it raely can be interesting soon :)
Reply
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