chartwatchers
Long

OIL - The 3 daily cycles

FX:USOIL   Crude Oil (WTI)
3077 23 49
7 months ago
Today I was watching the oil             chart whole day and I noticed an important thing.
The 1st daily cycle lasted for 36 candlesticks. So I think we are going to print 3 daily cycles in this first stage of the bull market before we get a big correction.

I think we are going to print this daily cycle high around the 15th of May. The daily cycle top should be between the October and November high (48.32-50.79). And maybe we break above 50.79. I will watch how fast this is happening. If I'm right I will exit at the top of this daily cycle and reenter at the 2nd daily cycle low (at the end of May). With this I will catch the 8$ between 44 and 52$ 2twice.

Th 3rd daily cycle should top at the end of June...

In this trend to the daily cycle top I don't want price to close below the 10 EMA. If that happens I might exit at market close.
MACD looks perfect. RSI can be overbought for days...

So if I'm right we will be charting hard this summer. The 3rd daily cycle will bottom in August only...
7 months ago
Comment: I think this coming in the following 2 weeks. Higher high day after day with tiny pullbacks.
Even the bigger dips will be bought.

snapshot
7 months ago
Comment: Green candles for 3-4 days and 2-3 days flag or one big red candle which is erased on the next day.
The shorts and their stops will pull us higher and higher.
7 months ago
Comment: And here comes the higher high again.
We took out yesterday's daily high.
7 months ago
Comment: Shorts will hate me, but :
IT'S A HIGHER HIGH again.
Password : green candle
7 months ago
Comment: This kind of oil trend will be perfect for
our oil stocks. It's not just a pop, but a strong trending move. More and more traders
will enter these stocks we are sitting in for a while.

Related Ideas

dimitriosb602
7 months ago
Interesting outlook.. Thx
Reply
PhamPhan
7 months ago
Hi. Wave Elliott Target 46$ to 48$. Look forward to your feedback.
snapshot
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chartwatchers PRO PhamPhan
7 months ago
Same thoughts.
Between 48-50.
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webmiztriz PRO PhamPhan
7 months ago
hi Pham - so do you think crude is in a 4 up then? I thought it bottomed ... finished 5 and is now in 1 up ... no?
Reply
Dll PRO PhamPhan
7 months ago
(A) is not 5.
Reply
cigno.nero
7 months ago
Hi Chart! Thank u for your job and for your ideas! I wish to enter long today or tomorrow....which is a good price ti enter? Thank u for answer
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chartwatchers PRO cigno.nero
7 months ago
I think it's going to run to 50$. Then some decline and a rally above 50$.
It's hard to tell is it good to enter now or not. Most of us who were reading me since March are already in a position for weeks.
If you enter now we might run to 50$ or have a drawdawn before we start to rally.
The energy trade what I posted a few weeks ago is in big gains so we will survive even a 3-4$ drop.
My suggestion is if you enter now don't go all in. have some capital for adding if we have a pullback.
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cigno.nero chartwatchers
7 months ago
Thank u very much
Reply
EnzoCaluzzi chartwatchers
7 months ago
scusi chart potrebbe dare sua opinione su s&p e eurostoxx grazie
Reply
chartwatchers PRO EnzoCaluzzi
7 months ago
Eurostoxx I don't follow. But they follow S&P so here is my prediction:
Most probably we will be testing back the 200 EMA before we break to new highs.
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kizly
7 months ago
The risk of profit taking is growing. I'm only afraid that the correction will be too fast. Yestarday at top i've put trailing stops at all positions with high trailing increment too keep most of wins. Just look at volume yesterday by correction. hope the correcion doesn't start out of working hours
Reply
AL_G
7 months ago
This is fun thanks C.W. can u tell me who will win the EURO16
+1 Reply
dimitriosb602 AL_G
7 months ago
Belgium...Lol
+1 Reply
AL_G dimitriosb602
7 months ago
no way, France at home or Deutschland :-)
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chartwatchers PRO AL_G
7 months ago
:)
My bets are on Germany
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time to short I see weakness will see what happens tomorrow here are my thoughts
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Swing_Trader PRO Swing_Trader
7 months ago
nagative divergence in MacD
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chartwatchers PRO Swing_Trader
7 months ago
And RSI overbought. But it's doesn't matter. Its a junior bull market's first stage. If you short your account can be reseted.
+1 Reply
Remind PRO
7 months ago
Thank you for your great insight into the market. I've been studying your charts a lot.

This really does look like an Elliott wave, I looked into fractals into the smaller time frames and it looks like we are on wave 3 of the elliot on the Daily and the intra day (4 hour) as well. Both waves are bullish in this case which matches the market sentiment.

Elliott Fractal formation on WTI


But it looks like we are headed for a dip before we get to the top of wave 3 daily cycle (when the intra day fractal enters wave 4). In your experience, is it even worth it to take profits and re-enter on the pullback?
Reply
RJHumphries PRO Remind
7 months ago
Good to see some strong EW analysis. I have spoken to a number of traders in the last couple of months who all dismiss it as not worth bothering with, which tells me that it probably is worth paying attention to. I'm long Oil looking for at least $50 but holding out for $60 (with fingers and toes crossed)
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Trendhopper PRO
7 months ago
Hey Chartwatcher!!! Many thanks for teaching me about cycles and combining this with chart patterns!! Im very happily riding this 3rd wave on oil because of you.. I feel I owe you some payback so thought you might like to see a similar idea going on right now with Copper...another wave 3 looks to be forming!!!!!........ 
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ghualzah
7 months ago
Thank u very much
Reply
ghualzah
7 months ago
(1 ) 47.50 (2 ) 43.5 ( 3 ) 45 (4 ) 38 ( 5) 42 ( 6) 34 ( 7) 37 ( 8) 25

I think this course of prices in the near future
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