chessnut
Short

EW Analysis - oil about to explode upwards. LONG (not short!)

FX:USOIL   CFDs on Crude Oil (WTI)
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This is wave 1 of the impulse erupting from this bullish triangle -
After the wave 1 impulse, we are looking for a valid three wave correction to call wave 2. This is a flat, a 3-3-5, wave c being an ending diagonal . Ending diagonals are exciting because they reverse sharply, as do triangles. When price passes through the upper trend line , I am expecting wave iii of the larger triangle thrust to be under way. It will be a sharp move towards. $60 per barrel. I forgot to put a steep green arrow pointing upwards in this illustration, use you imagination!

Comments

Is the count valid again now haha
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Is it breaking out on the lower side now? Is the count still valid then?
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chessnut GoldEarth
doesnt look like it...
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BaliShag chessnut
I'm done trying to predict the market, when the States is publishing numbers. Choppy unpredictable shit. Just look at the MACD compared to everyday smooth movements
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Why is this posted as a short??? ;)
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chessnut BaliShag
bahahaa noooo don't short this
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chessnut BaliShag
holy moly, is that what short means? i thought it was short and long time frames!
+1 Reply
BaliShag chessnut
Hehe yeah I'm pretty sure about that. Try searching for ideas with short time frame. You'll get both short and long ideas.

I'm not totaly sure we're going to brake out this time though. Might see a last bear run to the bottom of the triangle $50-49. This boring sideways movement is hopefully giving an answer soon.
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chessnut BaliShag
Im still bullish for the night, it aligns with my larger triangle breakout count. the count is changed a bit, but its the same idea.
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