$53 WTI Oil Is Still Possible by the End of August 2017
See the chart on how we could get there: by ascending triangles.
This path is quite possible because the run up from 6/21/2017 contains a lot of such triangles already. The key now is that oil has to run up quickly from here. A drop below $46 that lasts more than 1-2 hours should definitely invalidate this idea.
This path is quite possible because the run up from 6/21/2017 contains a lot of such triangles already. The key now is that oil has to run up quickly from here. A drop below $46 that lasts more than 1-2 hours should definitely invalidate this idea.
Comment:
Today's drop formed another triangle so the idea could still work. If so, expect some fast rallies soon.
A drop below $46.70 should invalidate this idea.
A drop below $46.70 should invalidate this idea.
Comment:
Here is a big picture oil price prediction I made 3.5 months ago. It still looks great now.
www.tradingview.com/...or-the-Rest-of-2017/
www.tradingview.com/...or-the-Rest-of-2017/
Comment:
This idea is still on track. Ideally we should see $48.95 by Friday close.
Invalidation point is going up with the slope and now is around $47.
2:03pm PST. 8/24/2017
Invalidation point is going up with the slope and now is around $47.
2:03pm PST. 8/24/2017
Comment:
Market reaction today, though positive, is less bullish than I thought. So it could mean 2 things:
1. WTI will need more time to reach the $53 goal, maybe around mid September
2. If the above is true, then it actually is some good news to oil equities, since they will have more time to catch up with oil's latest bull moves, before the general market correction (I feel there should be one of 5-7% soon)
1. WTI will need more time to reach the $53 goal, maybe around mid September
2. If the above is true, then it actually is some good news to oil equities, since they will have more time to catch up with oil's latest bull moves, before the general market correction (I feel there should be one of 5-7% soon)
Comment:
This idea was invalidated today.
However, it's interesting to see how market condition and sentiment changes reflected on these charts, starting from 6/21/2017, when oil started to rise.
Initially it had the chance to develop into a standard 5-wave up impulsive wave, later the North Korea situation dampen the bullish sentiment enough to change it to a possible expanding triangle (much less bullish), and now the Hurricane situation morph it into an A-B-C type corrective wave 2.
However, it's interesting to see how market condition and sentiment changes reflected on these charts, starting from 6/21/2017, when oil started to rise.
Initially it had the chance to develop into a standard 5-wave up impulsive wave, later the North Korea situation dampen the bullish sentiment enough to change it to a possible expanding triangle (much less bullish), and now the Hurricane situation morph it into an A-B-C type corrective wave 2.
This idea is on track.