Possibly already completed wave 1 from yesterdays bottom and now in the correction of that wave 1. Could be in wave 4 of C now to .382 of wave 3 of C to 5773, before wave 5 of C to 1.618 of wave 4 of C to 5754. Wave 3 up next (not plotted those waves yet). Long at 5745 and 5788.
Ascedent channel exposed. Happy trading!
UK OIL Brent Crude Update Brent has fallen out of its parallel and oculd be topping here. It could also be formung a flag here before pushing higher still. Looks bad now as this is written - raising stop to 63.28.
May have completed wave 4, possibly wave 5 next to 5995. Looks bearish but the 4H candle has served bulls well recently. Long from 5773, 5798 and 5830.
Last week Oil performed well breaking above the target and key resistance area of 58.79. This week we would like to see consolidation above this broken resistance now support, with a view for further advances towards 61.74.
Just an idea, some similarities in the patterns and the fib levels seem to work. Wave 5 of C back to $26 before new cycle starts.
Another alternative count and I prefer this one as if you zoom out on the chart the fibs point to the same level as 1.618 of the larger wave 4. I believe that around 5980 could be a great shorting opportunity for around 400 pips.
Some minor changes to this theory >
BRENT Crude Oil UKOIL Update A nasty failed break above the upper paralle lhas forced Brent back to the lower parallel, the entry point was hoping for, so am going long at 62.18 with stop under 61.90. And if this call goes wrong and Brent breaks below the lower little parallel of this flag forming now will reverse completely for fall to 61.12. If it's going...
All the major gloom on US currency has been priced by market participants this week, pulling back the index to 93.00 before the announcement of tax-cut package details. Thinner volume across the Pond, as well as elevated market concerns revealed the market majority preferred to cut wagers on US currency before fiscal stimulus news come out next week. And this was...
Either 55 or 51 by the end of the year. Safe short after the OPEC meeting on Nov30.
We've now reached the top of the channel. The larger wave 3 breached the channel so this wave 5 should stay within it. Expecting a retrace from here to .236 (5790) or .382 (5750) before a final push to 59+.
An alternative to wave 4 correction. Some waves plotted to 5892. I guess if yesterdays high is broken then this is possible.
Possible wave correction to .382 of wave 3 at 5714
Low probability in my opinion but wave 5 extension to 2.618, doubtful, but would be great :)
Notices of doubt EURUSD is stumbling on the spot today, swaying around the range of 1.17-1.18, the market did not allow to spread pessimism associated with the political problems in Germany, as well as optimism associated with the tax reform. The US is preparing to celebrate Thanksgiving, in this regard, the senators have postponed the discussion of large-scale...
Potential mini waves