yitiancai
Long

Trend changes in USOIL for long term:wait for the better price

FX:USOIL   CFDs on Crude Oil (WTI)
A huge head and shoulder bottom is formed from 2015-2017. Now oil price moves up and breaks the neckline. It means that if the pattern is not breaked, the oil will have a bullish way to go. A lot of institution expect OPEC meeting in Nov will extend the expiry data of arrangement;Saudi anti-corruption operation;----all of this contributes to oil price action now.

I am waiting for the long oppournity, I hope the price can pull back to the neckline. For the target, I won't expect oil can reach 85 USD. I draw a potential butterfly , B point is 78.6% retracement of XA leg. The the final potential reverse zone is expected to be the 1.272*XA and 2.618*BC. Watch the price action around 70, it's a support&resistance area from 2010-2012. This is my target

I am not using harmonic pattern to trade in this chart, I am using it to find the target area of bullish trend . I trade oil by head and shoulder bottom in this time


Thanks and good luck
Comment: New thoughts in Oil:
Comment: power to go to neckline
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Great work mate,
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@yitiancai

Nice chart (:

But do you have information about the volumes?
Because above one day frame chart, I don not see the volumes.. strange..
However , if it is h&s you should notice a decrease in volumes along pattern formation on weekly time frame untill the breakout, is it the case? Could you share a snapshot of the volums along with prices please?
Thanks advance !
Reply
@jolu, Nice thought!
Reply
jolu yitiancai
@yitiancai, Thanks, Do you have the volumes which you can share by a snapshot please?
Reply
@jolu, can you see it?
Reply
jolu yitiancai
@yitiancai, I got it , thank you very much!
I am not in front of my pc now.. I will look at it as soon as possible and let you know my thoughts
Reply
jolu yitiancai
@yitiancai, I see it now Thanks! Volumes didnt increase with breakout..
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