From here, I believe we will be going down to 63.37 where buyers may want to come in again. Disclaimer This chart is an opinion based chart only. Please trade at your own risk.
Oil has now reached the 0.618 fibonacci line although it has gone past it slightly, which is ok. In my opinion, it hasn't reached a resistance line yet which means this has the potential for more further upside around 67-68 but of course it could just go down from here. Oil can go straight down from here to 60.70 before going back up to 63.22 and then another...
Oil hit measured move (1:1 extension); could see a move downwards from here, impulsive or part of a more complex correction
Crude has broke the important channel and formed candle stick pattern for trend reversal. Expecting Target of 60.50 for this upcoming Week
We see the completion of an ab=cd pattern on the 1 hr chart for Crude oil. The completion of the ab=cd pattern signaled us to sell the pair and price action has already started moving towards our target.
Follow up on this theory > Appears the correction is in full swing now, looks like a WXYXZ completed for the white B wave shown in this chart > Very difficult to get anywhere near to predicting a complex correction such as WXY or WXYXZ but I'm thinking something like shown in the chart here, down towards to 50% Fibonacci level, then up to $60+. There is a...
Update to long term correction ideas. Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly. It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up...
Could be completion of an ABC correction at 5738. Alternate is only wave 3 of impulsive move was complete (in red), if price turns up from the .382 level there could be a 5th wave and a new high. There appears to be bearish divergence on daily timeframe so a new low may occur which would fit with the ABC
Symbol: Crude Oil (WTI) Timeframe: Weekly, Daily and 4 hour Predicted Direction: Short ( $60.00 ) Crude Oil (WTI) updates will be available in the comments section below.
Update to this idea Could be in the final stages of X (blue). Sub wave Y (yellow) should be at least equal to subwave X (yellow) so maybe a double top of a slight new high before the next leg down.
Update to long term correction ideas: Some notes on the chart.
Follow up on recent ideas: Looks like the final corrective wave (Z) is underway, small timeframe count, could be nearing the end of wave 5 of A of Z
Weekly candle on crude oil closed as a bearish engulfing > www.candlesticker.com Definition This pattern is characterized by a large black body engulfing a preceding smaller white body, which appears during an uptrend. The black body does not necessarily engulf the shadows of the white body but totally engulfs the body itself. This is an important top reversal...
Update to this idea Could be that WXY has completed at 5177 but I think it will drop one more time to the .382 level so it could be a more complex WXYXZ.
Follow up to a couple of recent ideas: Possibly in a complex WXY correction with X wave either completed at 0.5 fib level already, or another move up to a higher fib level before the next wave (Y) down.
Update to this 5 wave count > And internal waves of A in this larger degree count > Even though oil hit the .382 level at $55,57 it retraced and climbed a little higher, I think there is still a little more to come, the .382 extension from wave 1 is at $55,91, from there A may be completed before a larger correction back to where the move the $50 mark started,...
Possible triangle in Crude Oil. Below 55 would invalidate the pattern.