An update to long term theory > It looks like wave 3 of 3 of 5 is completed so may pull back soon to .236 ($73,92) or .382 ($72,80) before the next leg up. Interestingly in a variation of the same long term theory we hit the .382 extension at $75,75 > This is using the fib extension from the start of wave 3 at $45,67 to the top of wave 3 at $75,27 and end of...
Who thinks crude oil will drop to 10$ or 20$ ? will this technical analysis tell the future? who knows i love to short crude oil and cant wait for it.
Not a pro harmonic trader but the fib levels for this crab appear to be correct
The breakout above 80 has been confirmed on a daily basis, but not weekly. Scenario A) Brent pulls back to 80.50-81 for possible buy setup - short term resistance at 82- then LT target is 88.50 Scenario B) Pullback extends further lower, risking potential false breakout on weekly basis
An update to this idea > I think we may have completed wave 2 at $67,90 (0.5 of wave 1) and now in the early stages of wave 3 towards $79, possibly nearing the end of wave 1 of 3.
80$ presents a very strong ceiling for Crude Oil. On the 4hr and Daily we have seen many failed attempts. Fundamentally, oil has higher projections, but the technicals don't lie. I am now short Crude Oil based on the obvious rejection of this 80$ zone. However, i may come out of the trade if we fail to break through the red circle - That 4hr trendline has been...
Several weekly reversal candlesticks at the 80 level are bearish Scenario A) 77.85 acts as resistance and price falls to 77, with break of 77 leading to larger fall Scenario B) 77.85 gives way for another run at 80
WTI - Weekly possible H and S, Monthly possible Hammer candle. Very important to look at all time frames. Bullish EIA oil report today, Hurricane news and dollar weakness. WTI Net long contracts increased. I think we head to $75 with hurricane news.
BRENT crude has been in over-bought territory since 22 August. It looks like it could roll-over here for a move towards $73.00...It's a brace short but what a nice move if you catch it!
An alternate to his idea > And part of this idea > This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high. If the base channel (blue) holds at the .382 level next week then we may see a 5th wave to to $70 area to complete a larger wave 1, followed by wave 2 to the 0.5 level before wave 3 to...
A follow on from the is idea and possible count for sub waves of wave 4 >
The bigger picture for this idea > And follow up from this idea > If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. Ultimately the invalidation point for this count is wave 4 crossing wave 1 at 6636, however, if the base channel breaks I think bears might have control. The blue...
An update to a series of ideas that have crude in bullish waves up towards $75. 1D > Recent chart with subwaves prior to this current chart > If crude completed wave 3 then may see a correction back for wave 4 before up for wave 5; invalidation point is 6815 (wave 4 crossing wave 1). 1.618 extension at 6946 has not been met yet so may rise further before the...
An update to this idea > If this is subwaves of a bigger wave 3 subwave 2 (white) corrected to exactly the 0.618 level at 6734 and wave 3 may extend to the 1.618 level at 6947.
Correlation divergences are important to look at. In this instance, we view the AUDUSD rate as a clear proxy for oil prices, in which a big divergence has occurred recently. With the drop in gold and copper also mirroring AUDUSD, it seems quite likely that OIL will soon head south as well, going below $60 at the bare minimum. Oil has seemed to lag the rest of the...
I think oil is now in wave 3 up and we're heading towards the 75-78 area eventually. An update to this idea with the subwaves of wave 1 in yellow > Linked to this bigger picture idea >
An update to long term Elliott Wave idea > Wave 4 did not quite reach the .382 level but the channel bottom was hit so we might see a new impulse up. Below 6440 would be quite bearish in my opinion.