If this count is correct there have been 5 waves up from the $43,80 low and could now be in a correction that could dip down towards $45 before up again for either wave 3 or wave C
WTI trades at a three month high currently, around the 60 psychological value. From a technical perspective, we want to see the USOIL drop from the resistance given by the descending trend line, all the way to the 0.5 fib level of previous daily impulse which also aligns with previous structure. Previous Daily High 61.05 Previous Daily Low 60.04 Previous Weekly...
Update on these long term ideas: Oil breached the long term trendline but stopped at another one (below) and at the 1.414 extension exactly. My theory is the bottom is in here and possibly move up towards $60 again as part of a complex corrective move; a break above $5060 would help.
in Asia time we had negative news around Coronavirus and oil the price reaches to support line I am looking for selling opportunity keep your eyes on this chart do not forget today we have news around crude oil
we have strong bearish candle, today we had negative news around oil and demand of that if the price goes down below 49.3 it opens door for going lower and reaching to 48 I am looking for selling opportunity
Update to below idea: Thinking that a starting wedge maybe forming within a channel up, 5 waves consisting of ABC for each wave which means wave 4 could overlap wave 1; Wave 3 of C (orange) hit 1.272 extension exactly and in the same area as 1.618 of wave 1 (white), could see a pull back towards $52 if this theory is correct.
Purely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC). Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave),...
Update on this idea: Price went beyond the 1:1 extension but seems to have turned now close to 1.272 extension, possible that an ABC is completed here. Monthly trendline was touched also: Other ideas linked to this one below:
oil price goes down sharply. as you can see the price revores a bit but I do not think it goes far away. I wait for another chance for geting short position.
a daily close below 58.70 will invalidate the set-up
There were the usual people who did not wish to engage in the sell-side before understanding what was being said from the WHO. Experts calling this a national emergency and now stronger players entering into the market with direct shocks on the demand side. Moves likes this, which weaken important structures should if possible be played and as a matter of fact,...
Bearish flag, or Starting Wedge? Could be either. A flag or wedge appears to be forming and could be a bearish wave 4 or a bullish wave 1, a break below $5211 would signal a 5th wave down towards $50 and a break above $5735 would cancel out the 5 wave idea and could see price back towards $65...I personally favour the idea that C wave completed at $5211 and we...
Update on recent ideas: Oil is near the 1:1 extension of wave 5 in wave C, may bounce from here as there appears to be bullish divergence. Lower level at $51,18 is the 1:1 extension for wave C.
Is there a move downward coming in oil? If you apply 7,4,7 settings to TSI you can see it leads MACD on many occasions (either up or down); highlighted the last 3 big down moves in oil where TSI has turned bearish and MACD followed, TSI on 1W chart has recently turned bearish.
Another attempt at guessing when/if the correction begins, update on below idea: Possible that 5th wave has ended at 0.382 extension and now a correction to higher levels before another leg down below $57,35 Linked to these ideas:
Follow up on this idea: Could be that 5 waves down is completed from the $65,65 high, there appears to be bullish divergence on the 5th wave...maybe we'll now see a move up to 0.382/0.50/0.618 levels to complete wave 2 or B, then down for another new low.
TVC:USOIL 38% correction of the recent fall before me move down again