Small time frame idea of a correction in crude oil in WXY and possibly a bullish flag.
An update to this idea > I thought we'd see a 5 wave down side move but I think that move is now over as a 3 wave ABC; the down channel is broken and this could be the start of an impulsive move towards $70 before the year ends. Larger timeframe idea here >
Update to this long term idea > It doesn't look like we'll see below $50...$47 was my estimate but it looks like a bullish leg has started which could end near the $70 area at the .786 extension and meet the long term bearish trendline (red line).
There is a break of LHLL structure. If 53.76 hold and forms a lower high formation, we can expect oil to go higher. Watch 53.76 closely.
An update to this idea with the channel and the potential triangle added > Other parts of the idea below:
Update to recent ideas: Could be in a triangle (ABCDE) or regular correction (ABC) for wave 4 before the 5th and final wave, possibly a similar pattern to before >
Currently observing the geopolitical tensions about the gulf of Hormuz and the allegations about Iran's Military. The current news and the marketclose on friday and the market opening on monday will most likely cause a gap in the OIL price. The price of OIL will almost 90% surge the coming week. Price is currently $52. This will propably go up to $57 or higher ...
Brent and Wti in bear territory, now ranging between support and resistance. As for brent, between 60 and 64 are rispectively good buying and selling areas. If it breaks the 64 area it will retrace firstly at 67.
Update to this idea > Possibly in wave C of 4
We broke the bottom of the yellow channel - the closest targets are 65 and 65.6
Update to a few recent ideas: Oil may still be in wave 4 and beyond the .236 retracement level but heading towards the .382 level at $55,67; there appears to be a channel down also where wave 4 could terminate before the 5th and final wave below $50.
Long and hold to 60 with an extension to 63. Then wait and see if it holds. Likely scenario we will see oil drop from there, down to the 50's if not 40's at the end of the year.
Update to a few recent ideas: Smaller timeframe > Larger timeframe > Wave 3 could be at, or near an end now with an extended wave 5 (white) of 3 (yellow) hitting 1.414 extension; If wave 3 is over then wave 4 may follow to the .236 level before the 5th and final wave below $50.
The past month was super bearish. As looking at the past oil price is always take longer to climb up but it collapses in just a few days. With the production cut from OPEC, I highly doubt that we will see below $50 again. Simple Fibonacci retracement shows below $51.5 is a full 61.8% retracement from the bullish run that started in December. It is better to fill...
The correlation of oil price with bitcoin is quite visible. Means any time the price of oil rises some of the profit is pumped into bitcoin. As well the crush of oil price results to crush of bitcoin. In this sense I guess the next crush of oil price, that is expected in may will lead again to crush of bitcoin market.
If the Brent Oil breaks the region of 60-62 (an authentic support region)... it can visit the region of 49-52.
Update to a couple of recent theories: Could be nearing the end of wave 3 now as the 1.618 extension approaches. May see some sideways action for wave 4 followed by the 5th and final bearish wave towards $47-$50