littleriver

A Crude Bottom

INDEX:XOI   Oil Index
51 3 1
Using this crude index chart to forecast one possible scenario in crude. A confirmed double bottom has formed and retrace in crude is taking place now. Crude may retrace to 40.60 a barrel before the next bull wave. This wave will break the downtrend line and confirm the IHS             taking shape now. It may be followed by one last bear raid before the final bull push to the yellow median line.
littleriver
a year ago
snapshot


Today's candle on this index chart has me thinking the retrace bottom is already in on oil. I believe a move to the yellow median may be happening sooner rather than later.
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littleriver
a year ago
Despite three bearish days this index chart still looks bullish. Price appears to be reacting to fib numbers very nicely. 1.618 fib holding up so far and rsi 7 still well above rsi 112 in bullish territory.
snapshot
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littleriver
a year ago
Today's chart is an interesting . The 1.618 fib has given way but price appears to be reacting to the lower MLH of the pitchfork. Looking at both Williams %R and RSI the shorter time frame indicators are both sitting near trend line. This is a great place for a bullish entry with stop just below lower MLH. I suspect the MLH will hold and price will begin a 100 point bull move soon or the MLH will fail and we will go bear. Lowest risk bull entry is right now.
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