I'm contemplating the possibility of crude weaving a complex correction before a new large decline. If you look at the big picture in the weekly, this C wave decline seems to be incomplete, and the 4th wave triangle and 5th wave low on January 13th, seems to be a 3rd wave's 5th wave of a lower degree, which suggests that the fifth wave of C hasn't started yet. The short term price and time target I found in this last swing has been met, and it's possible to see a reversal from this level. On a fundamental basis, it's possible that the OPEC releases a report in the coming days, which might give direction to the market again.
Trade closed: target reached
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I'm not sure of the triangle thesis but if correct, the C wave took a bit longer to complete.
Comments
IvanLabrie
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The move up might continue some more.
With more data, my bias is neutral to bullish now. At least for one more leg up.
mkdeep04
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61.20 area hold on upside i am bear
IvanLabrie
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I call the crude oil top gentlemen.
mkdeep04
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52/1 area looks on card
IvanLabrie
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Trying to fight this is insanity...let's just embrace the crude bull, right?
A survey here would be an interesting proposition.
Right now I'm bearish on crude, for the next daily bar at least.
Thoughts?
IvanLabrie
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A move under the rectangle today would trigger a selloff.
IvanLabrie
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IvanLabrie
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A move up from this level will seal the deal for this short, I'll update with confirmation.
Rgmov is already printing new lows, diverging from price.
IvanLabrie
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I call the top of wave C:
IvanLabrie
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A move under 55.82 will open the door to new lows, for now, a short term target has been reached ahead of time.
Expect a small retracement, which can be a new selling opportunity.
Rgmov confirms this move, showing new lows.
With more data, my bias is neutral to bullish now. At least for one more leg up.