Here we go again! Crude oil's super mega uptrend looks to continue! Last time we saw a trend like this was 2009, and it's a long time coming after the major declines in 2014. Quick summary why I'm bullish in the next weeks: 1. Overall bullish trend 2. Consolidate and form a higher low 3. Failed breakout lower, breakout higher My next target is 75.50, and if we...
Short USOIL @ 73.66; TP @ 72.18, SL your choice
Some countries (i.e Malaysia) are making a smart move by pegging the retail oil price when crude oil was at around peak of wave 4 of C. That will bring extra revenue for the country at times of turbulence (but at the expense of the people).
The red arrow is the next target, I believe. The long term target, I have posted it at the "Monthly Wave Count for Crude Oil" analysis below. These are just probabilities. It might go higher/lower than I've forecasted.
Not enough coffee before posting this morning...I think my last chart is incorrect as Y wave must be an ABC, not 5 wave structure, so this is the alternative and a look at smaller timeframe below: 1H > B wave correcting .236 of A wave. 5M > Wave 4 of A correcting 0.5, fib levels seem to make sense
An update to this idea > Wave 5 is obviously completed now but at 6360 not at the 6250 area. Possibly in wave 2 now which may be near completion (although seems crazy to think that considering Friday's rally). A look at smaller timeframe: 5M > 1H >
Just an observation, some similarities between the move up from 61 to 72 and the move down from 72 so far, mirrored
Crude Oil have been strong from last year with succession of new tops and lows-whilst it just broke the multi-days bullish channel and undergoing a linear compression setup. Price action and momentum indicators are suggesting the downside to continue towards the prior support area around 61.94. I am looking to short this market around 67.27-66.20 with stop around...
Update to this previous idea > I believe wave 4 completed at exactly 0.382 of wave 3 (blue waves) with an ending diagonal for wave C and now in wave 5 to 62 area
Possibly in wave 5 down Zoomed in on start of wave 5 >
It appears that a bearish butterfly hasn't completed with perfect Fibonacci rations at 7290 as well as .382 of $147/$26. Crude oil may now correct, either to 0.382 of the C/D line or deeper, possibly back to .236 of $147/$26 and 0.618 of $42/$73.
The current price movement could be the BIG B (with subwaves abc in it) of wave 4 or it could be the start of wave 5. Nevertheless, it's impulsive (5 legs). The plot are just for the nearby targets. The targets in the white boxes could be lower/higher. Those are just high probabilities.
Thanks to @manish_damani for his comment on my previous post entitled "Monthly Wave Count For Crude Oil" This chart is an alternative wave count for my previous chart: There is a solid ground that we are around the top of wave 5 of wave C, instead of wave 3. The reason is...there is an ending diagonal (refer to the turquoise converging lines at the right side...
This idea is valid ONLY if price breaks 70.66. If price doesn't break 70.66 and rebound, my preferred wave count is still this one:
I believed we are in wave 4. Wave 4 can be a double / triple tree. That means it is possible we are still in the subwave c of A. Soon, wave B will start. Bearish divergence at monthly, weekly and daily tf are so obvious. Be careful for those who are thinking that price will keep on going up until USD100. Anything is possible in this world but...let's be practical. :)