Carrying on from this idea > Looks like we have seen the second running flat ABC correction that formed a larger B wave. According to reference material a running flat correction is when price is range bound, wave B terminate below the start point of wave A and wave C terminates above the end point of wave A. Looks like that same pattern has formed in crude. If...
Zoomed right out and comparing currently triangle to triangle formed and broken out in March and update part of previous ideas > I think we are in the final leg (E wave) to the triangle bottom.
Crude maybe in wave 4 ABCDE descending triangle. Bounced twice now at typical wave 4 fib level 0.382 of wave 3 and formed what appears to be a descending triangle, may be in the final leg before breakout. We had a similar triangle form before breakout from $60 >
If you've followed me over the last little while you'd know that I've been bullish crude oil for the last 6 motnhs and man it's been and exciting ride! Good news is I don't think we're done yet! So there's still time to get in on the party. My long term view is crude to 90 :D Although that's a ways off, and we might need to see some...
Look at possible structure for wave 5 as per this chart > Could have completed wave 1 from 6183 to 6775, then 0.382 correction (a fairly common wave 2 fib level), now in sub wave 1 of 3, with sub wave 2 on the way. There does appear to be a pennant/triangle forming though which could mean a little more upside to 6910-6950 >
Its been a while, I have posted anything on crude :) I am looking at the weekly and its looking bullish, We have broken the resistance and currently fighting the 50 % fib level Everything else is mentioned in the chart
Update on various bullish 5 wave theories on CL for the last 6 months or so > ABC completed, hitting .382 and .236 of wave 3, now in impulse wave 5, possibly hit $75 (weekly resistance) which is 2.618 of the ABC correction that was wave 4.
Update to this idea > 1.618 of what I believe could be running flat ABC correction (start of A and end of C, 6666-6182) is 6960 area. Looking at internal structure on smaller timeframe also points to 6960 area, maybe just a coincidence...
Closer look at "running flat" from this idea > Bulkowski states that "A flat is a term used for any ABC correction that has 3-3-5 subwaves. A running flat (or any flat for that matter) must have the 3-3-5 configuration." As shown in the chart there appears to be ABC for leg A, ABC for leg B, followed by 5 waves in leg C which fits with 3-3-5 configuration...
Update to this triangle idea > Looks like a running flat ABC correction, check out Bulkowski site > thepatternsite.com Image on the right of the page "Bull Market". Bulkowski does mention that in a running flat, wave B stops beyond the start of wave A, and wave C falls short of stopping near the end of wave A. Wave B didn't stop beyond A here but I'm not sure if...
Crude Oil - H4 - I see price at a strong supply zone and expecting a sharp drop from cmp 65.10 targets 60 and 56
This is a tough one, in a long time I am bullish, however I do not like how it looks right now. We are in an area of great resistance that can not cross. She needs something that pushes her, without it is very likely that we visit the 60 or even lower. For now 64 looks like a good option, anyway I have a good level to stop.... then evaluate the conditions and...
Update on a few larger timeframe wave 4 ideas, below. Looks like an ascending triangle which would be typical for wave 4; may have just completed C wave, with D & E left before breakout to 70+
Oil - H1 chart - I see a good sell setup on crude oil with a decent risk to reward. Pending sell limit order at 65.30 with stops above 66.50 (120 pips) and take profit at 60 (530 pips)
Triangle as part of this idea > May possibly be one more leg within the triangle for E wave to $61 region. A, B and C waves of the triangle were all 3 wave A-B-C zig-zag patterns, however, D leg still an ABC looks more like a flat correction (as per the image on the top of this page > stocata.org). If so, may have E leg to come before breakout upwards, towards...
Update to this idea > Potentially just broken out of a large wave 4 ABCDE triangle with a target around 70.
Potentially impulsive waves up now after breaking out of the triangle and it looks like we're in wave 4 with a final 5th wave to come, before a correction and more upside. Possibly up toward 64 as per this idea > Or part of a larger move towards 70 which I'll post shortly.
I have a couple of triangle ideas, this descending and another symmetrical which I'll try to post later. This one we're in a descending triangle ABCDE pattern that may have complete E wave last night at 6012. The triangle should break to the upside as the trend prior to entering was up. May be part of a larger ABC (orange waves) that could double top at 6420 and...