A zoomed in view of what I believe to be wave 2 correction as per this chart > Please read the notes here as I couldn't post a 5 minute chart on Trading View so I put notes on my chart from Investing.com > invst.ly Based on internal waves 6230 area could be the completion of C wave. Friday was undoubtedly bullish but in my opinion it could be a rapid wave 2...
Update on this idea > I think the chances for a move up from here are slim, looks as though we are in a large correction from 6666 to 55 area. Wave A and B have completed and what looks like wave 1 of 3 of C completed, may now have a correction for wave 2 of 3 of C before what is normally a brutal selling wave (3 of 3).
See chart for study and profit taking level As recently usual beware that DXY. DXY swings up Crude down DXY swings down Crude up
BCOUSD is approaching strong support at 63.54 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a nice bounce could potentially occur at this level to push price up to major resistance at 66.35 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is seeing major support above 2.1% where a...
Last Thursday and Friday two bullish pin bars formed of of a horizontal short term support level and of of the longer term trendline. I will be placing an entry order at the 50% retracement level of the last pin bar. My stoploss will go below the two wicks of the last two bars. I will be targeting 2R for profits.
Variation on the previous chart, a 5 wave count that is already completed, suggested by a friend...which fits with a potential head and shoulders, correction to 0.618
Looks like we're in the 5th now to 5933. Perfect fibs hit so far, 1.618 of wave 1 for wave 3, 0.5 of wave 1 for wave 2, 0.5 of wave 3 for wave 4...now potentially 1.618 or 2.618 of wave 4 for wave 5. I think there we will see a big correction before continuing downwards.
Little update to this idea: I think A wave is complete (it bounced from 0.382 as per this idea > ) If it is we may correct to the same level as the smaller degree white wave 4 around 6320 (.618 is there too), just as the white wave 4 corrected to 6330 area, the same level as the smaller degree wave 4 (blue waves). Next could be C wave (or wave 3 in a more...
Intraday idea. Looks like 5th wave down to complete at 6236 before correction to 50% fib around 6330 (back to wave 4 and trendline test), before next leg down.
This morning crude fell outside of the giant wedge for the first time. In my opinion two possibilities from here. 1. A correction to 0.618 before wave 3 up towards 68. 2. A deep correction to 54 area. Weekly MACD looks to be crossing down...
Potentially another bull flag forming. Previous flag bounced first at 0.328, then again at 0.5. If this is another flag its hit 0.382, may hit 0.5 next which coincides with bullish trendline, before breakout to 65+
I had posted this idea on 1H but got it wrong: Seems there was and ending diagonal wave 5 for the end of wave 3 which was then followed by a bounce at 0.382 for wave 4. Looks like we are in wave 5 now, possibly one more leg up early next week to hit 1.618 of wave 4 around 6381, but there is a possibility the wave will continue on to 2.618 at 6570. This may...
An update to several recent and older ideas on Crude Oil: I believe we are nearing the end of wave 1 of 5 and if so could see a correction to mid 60's to 0.618 fib, but could correct higher at 0.382 or 0.5. Wave 3 should follow the correction to at least 1.618 of wave 1. Ultimately I think wave 5 will hit 1.618 of the larger wave 4 (6666/5809) around...
Brent Crude Oil (BCOUSD) is tesing major resistance at 66.64 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push price back down to 64.31 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction...
noticed a recent MACD cross on crude weekly looking deeper weekly MACD crosses have had powerful moves and this one has a Div to go along DX is the current driver along with fundamentals with increased productions this year one cant help but wonder if crude hit its ceiling last month long target is $50 range extension target is frankly ugly so I wont speculate...
2618 setup. Double topped retracement to 50% not perfect 61.8 but I think it will work out. Extended targets to level of supply/support, Risk is very tight hopefully stop loss will not be hit. Bulls are loosing control. 2:1 RRR. In my opinion OIL will go up again but in need to take a breath down before that.
Just some notes scribbled on a chart. Fairly obvious that I am bullish with crude oil based on recent previous charts, but there are other technicals that seem to be pointing to more upside from here.