This is what I see on the chart. Elliott ascending horizontal triangular with false breakout ending.
correct me if i'm wrong, but this might be a nice opportunity for shorting oil 0.90% .
Although this prediction ignores FIB level (.382) of around 60-61 usd.
This might be a second version of the false ...
I am Short from 56.50 Till 20.00 For 2017
See the Elliot wave pattern on the Chart
Self explaining my Short .
All Corrective WXY X WXY X WXZ Ending at 20.00
Elliot Wave By mazchaudhry
Trade at your own risk .
Hi guys, oil has seems to have reached its downwards trend-line. I believe its a safe low risk trade as you should leave the trade on the first solid candle break of the trend line and if it comes our way please refer to the HEIKIN ASHI chart to exit the trade.
Thanks and good luck.
Monthly chart already Published
Here is my Weekly chart with Bit more explaining the short wave .
Short From 56.50 till 20.00 will be in ABC Formation ( As it is a Corrective Pattern )
Further division of ABC as bellow :
C = 12345
Trade Plan ::
Lets wait for the Completion of X at 56.50
I will ...
After the Daily Key Reversal last week which also helped form a doji on the WEEKLY, I am convinced that from this week and for the following 3-4 oil will go down. RSI and STOCHRSI have topped on the weekly and are reversing as well as the MACD.
My first target is $48 and then $44-42.5