Here's another Elliot Wave Count Challenge. You know Traders talking in code...
1) Looking for price stability above $65-$64 range 2) Have what appears to be a 4x bottom from 2022 on Oil 3) Best buy would be above resistances at $75 4) Target is $95 which is at wave 2 5) The Elliot Wave movement from Wave 1-4 is a bullish cypher set up, think of Wave 2 as B leg 6) True Bullish Momentum with a close above $95 target, could lead future price action to a target of $130 7) I expect some shakeout after the chart gets posted..
I'm a buyer of the dips in AMEX:GUSHAMEX:ERX and some Oil Companies BP, XOM, and Small Cap energy PSCE
Just sharing my Technical Analysis.. This is a long Term play for me
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Monitoring AMEX:DRIP for a short set up, The Puts are expensive here... There's no $14.50 put strike...
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from May 31st... tradingview.com/x/J0lftRrK.. would like to get in the short above $15, maybe a retrace back to B leg then short. I'll keep you posted if I enter a short.. Regardless Oil market was a win for both sides of the trade... It was up over 1.1%-1.2% earlier in the day, now down close to 1% as I type this... Great if you're stalking a long entry for oil companies like myself... Also this pop, makes the put options cheaper for drip. Stay tuned
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late update.... Market Volatility is Insane and I'm here for it.. Notice AMEX:DRIP did manage to get above $15, but retrace back below.. Another day wont hurt monitoring, actually Friday price action in Oil is going to say a lot. I'm taking anything below $67 and holding at this Juncture... below $68 and im nibbling and starting a position. Got to be greedy when getting these entries. Same w/ the short position on AMEX:DRIP I want to start it near $15.50 and I might not get it... here's the chart I was monitoring
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see that $15.07 touch, and how Previous Support rejected a close above it. Let me see one more day like that for confirmation. I'm feeling good about it, I dont want to over think it. But i'm considering putting significant resources into the short, want to increase the odds of a favorable short... cheers to the next update
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4hr view of oil.... RSI still above the cloud which is bearish.. even though we have a C wave by set up.. Bulls have to defend $67.00, shorts want to cover near this level if they can push it down.
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This Channel I spotted goes back to Mid March. You'll also notice the long wick that tested $64.00, that would be a perfect long entry for me. 3x bottoms from May, and likely creating a 4th near $67.00... Timing these entries are difficult, but find a entry price you can live with.
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I can also see some bearishness forming on the 30min chart of oil. If oil breaches $68.20 on good volume, it opens the door for $66.88.. I could live w/ that entry. for my long scalps and it also being a good entry for my shorts on the 2x-3x oil bear etfs... No guarantees, but victory favors the bold. And good profits are determined by entries not when you sell. We'll see if we can get this Friday
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Great Bounce off last night lows... something else that I see, is the Bullish ABCD pattern set up on the weekly and daily chart.. here is the weekly view
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red box to help illustrate my point just need price stability over $68-67.50 to hold now
bullish cypher on the 4hr chart... Needs to close over B leg $70.78, not rushing... bears got to defend that. But based on my analysis and where I see oil heading, below this level is now a buying opportunity
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there are multiple of these if you look closely
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see the ABCDE to the right of the bullish cypher?
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think of this as the Breakout from the June Channel
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if shorts can't defend the bullish push, opens door for $83
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the breakout is retracing backwards to get the May channel breakout... if that makes sense.. you see the June breakout, but not the May breakout. it'll make sense later last chart for the day. hope yall in profits on the oil 3x bear etf shorts and the oil trades. cheers til Friday
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multiple cup/handle patterns forming inside a larger cup/handle pattern..
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bullish patterns can be overbought on specific time frames to lead to higher breakouts just showing love and education to the trading community. cheers
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now the picture is getting more clearer . I hope this helps
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this is the 4th cup and handle pattern
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we're buying all dips on Oil
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by any dip Sunday/Monday
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track my live cup and handle chart
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Lets see if the 2hr can get it done on this cup and handle breakout. I'm aggressively looking for $74 min target on oil, w/ max 75 potentially by Friday's close
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what I'm monitoring on the 4hr chart
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apex forming, live chart
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crude oil mini's showing me $74, AD ascending Triangle... letting me know the Apex Trade is in favor of the bulls mini crude showing me $74, AD showing an Ascending Triangle
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this ascending triangle is letting me know the apex trade is in favor of the bulls.. I'm going to be patient til then.
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been running wild... Needs to close above 74.75, i'm targeting NYSE:BP
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monitoring July 7th resistances level, which is currently acting as support
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saw NYSE:BP at the end of the day, but i'm still waiting for $74.74 to clear... Looking at some $35.50-$36 calls...
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72.50-73 oil in my cross hairs, will be adding NYSE:BP on the dips
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looking for $37 over the next week
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potential bull flag set up
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monitoring this profit taking/sell off in bp
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gotta watch and see if 77's hold up
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drip etf starting to look attractive monitoring
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retest of highs in order for oil, also price is stabilizing above the 1.618 on the 1hr,
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retest came quickly sheesh
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moving avg's along w/ support need to cross over 78.99 which is B leg of the bullish cypher
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we want to see a oil cup and handle breakout and close above 80
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b leg has to hold on the 30min
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same chart, same time frame as the 30min above... just wanted to show how the bullish cypher resistances levels, have been temp flipped to support. A close above $80.10 level would support this
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bull flag was playing peek boo
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anyone else see the ascending triangle?
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all this is, is one massive bull flag in disguise
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might see 81+ on oil today if/when my 18ema/50 EMA cross spike level
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monitor the 4hr chart for possible retrace to 77
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monitoring, and currently short via futures
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closed the oil short scalp, oil is in an ascending triangle on the 4hr chart
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1month view update w/ AD
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charts are just forecasts, to help better suit me in reacting to what the market will do. Being able to predict is one thing, but being able to capitalize on it is another. speaking from experience. im not causing the market to react, my trading is reacting to what I thought the market did do, and is doing.
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monitor possible bear flag what im reacting to. too a short