On my latest analysis I mentioned two patterns in Crude Oil:
1. Monthly Bullish Bat (yellow)
2. Weekly Head and Shoulders patterns (neck line in red dashed line)
As it looks right now, the neck line of the weekly Head & Shoulders pattern was broken last week. If it wasn't December and a week before FOMC, I'd take this signal very seriously.. But it is.. and I...
Crude Price Cycle not necessarily quantifiable, but overlays pretty well across the board. A very nice Shiff Pitchfork certainly may showcase more merit for holding long term support and a forecast for the largest year-over-year production change in history (see Oil Prices Charging Lower As Oversupply Concerns Plague Traders ) entertains the notion that WTI...
We do not even know, what to say. Everything is reflected in the charts in terms of the fundamental, historical and wave analysis. Maybe we are wrong, and the oil, will take the form of long-term correction, but the growth is unequivocal in the coming years. This is our opinion. Yours faithfully!
Will 2016 be the year of Oil and manage to recover some of the losses Crude suffered during the last two years?
Since I've posted here this weekly Bat pattern in CL, the price rallied and reached target 1.
It created a False Break inside the small structure zone that was created inside the PRZ and now about to re-test this zone again.. perhaps a Kiss Of Life...
Two inside days means we are about ready to rock with Crude. This is a clean flag and we still like the upside but BE MINDFUL THAT CRUDE can go either way. There are a lot of factors at work with oil. Don't be a hero and guess. Wait for the market to tip it's hat and look for a trigger.
Expect last wave E inside of triangle wave (B) to fall down to 43.00-43.50 area.
Then it will be strong wave up in (C) of ABC to finish wave 4.
Target for wave 4 is in range of 50-100% of wave A. (49.18-54.96)
Then down in large impulse wave 5 (will be recalculated once wave 4 is done)
Lucky trades friends!
My fellow bears and superbears, the time has come to short WTI crude oil and capitulate all the bulls.
The last Fib extension cycle points to a drop to at least $42, and if the bearish momentum maintained, we could see 37.53 by the month's end.
As a perma bear I hate to say this but I must warn you all that if we fail to breach the triangle within this cycle,...
Would of, should of, could of...That was another nice move off the trigger area but as we mentioned before it wasn't deep enough into our zone. Now crude was rejected at the upper flag so we expect price to fall into the range and hopefully test the lower flag in our zone. Patience is needed! It's on our watch list.
Crude is experiencing some incredible moves which may be a sign a bottom is near. When bottoms form there is wider moves with volatility...we are watching the trigger zone for a possible long entry. We will keep a tight leash on the trade is it triggers. You never know with crude. NO TRIGGER...NO TRADE!
We saw an acceleration of buying above $47.00. It's safe to say a lot of shorts got shaken out of the market. Now we watch. We look for consolidation or a pullback to the $42 area. Will OPEC follow through with it's comments or will a rate hike send crude back down to the lows? It will be a tug of war and we are placing our bets on OPEC. We are seeking to...
Synopsis:
1 - Price traces two interlocked Geos
2 - Smaller (BLACK) Geo completes its 5-point regimen; Aims for 1-4 Line (Wolfe Wave rule)
3 - Larger Geo is pending Point-4 & 5 in the 19.10/1844 range
4 - TWO bullish targets exceed 1-3 Line of larger Geo:
a -- TG-Hi = 36.20 - 30 AUG 2015
AND
b -- TG-Hix = 39.72 - 30 AUG 2015
5 - Bullish Target may align with...
After a rocket off the bottom and a nice trade, Crude needs a rest. Is the bottom in? We don't so...soon though. We feel crude could make another attempt at a bottom to shake out the weak longs. However, if crude wants more upside from here we will need to see some consolidation. Above the $47 and we could see an accelerated squeeze. Crude is on our daily...
