Update to this idea >
Triangle broke and .382 extension hit. It could be the bottom, or very close (maybe one more extension down) and a move to correct coming up over the coming months.
Follow up on this idea >
Triangle is well and truly broken and possibly in an impulsive wave 3 now which could end up at the 1.618 extension of wave 1.
Looks like a triangle is forming which could indicate wave 4 with a 5th wave to come to mid $40's.
May see a rise back to the top of the triangle, though E wave can fall short of the upper trendline in some cases.
Other than the CM_Ult and CM_MacD, you can see candlestick pattern identification, to see when initial bull began, etc. Take a closer look and analyse.
Here is the pre-indicated active link for chart to trail it ~ enjoy~
www.tradingview.com
DISCLAIMER;
Do set stop losses when trading but be generous with how much room you allow for this due to candle wicks and...
Not an Andrews expert but price stopped exactly at the lower MLH for this Modified Schiff pitchfork.
Any Andrews experts can confirm if this fork is valid?
Zoomed in >
Update to this long term theory in Crude Oil >
Big bearish wave since hitting 7689 which could be C wave as part of a bigger wave 4. Long term channel bottom and the median line parallel of the pitchfork shown could be a good buying area around $58/$59 for a wave up towards $80.
Lower timeframe of this idea >
Looks like a big wedge (ending diagonal) is forming which could be for wave 5 of C (C shown in the link above in green) which could mean that the down trend in crude oil price is nearing an end.
Ending diagonal often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam (15$ drop in 4...
Looks like a triangle is forming which could mean a wave 4 with wave 5 to follow to complete a larger full set of 5 waves around the 6100 area, then a correction.
If its not a triangle and breaks upwards it could mean the 5th wave (yellow V) is completed already at 6118.
A slightly wild variation to this long term bullish theory on Crude Oil
This idea is a bit wild but there are similarities between 2007/08 and 2017/18, explained below in screenshots.
2007/08:
There was 3 months of sideways price action from November 2007 until January 2008, followed by a large rise in price that then corrected to the 0.5 Fibonnaci level. As...
Update to this idea >
Since 7130 broke the regular impulsive waves are now invalid (wave 4 crossing wave 1) but I think theres a chance that an ending diagonal could play out.
There is also potentially bullish hidden divergence on the MACD histogram; price can drop all the way down to the last swing low around 67 and this hidden divergence can still be valid.
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...
