Another possibility to previous idea. Maybe not quite done with wave yet, 6343 or 6320 before up for wave 4.
I think the top is in and this is possibly either wave A of ABC or wave 1 of a larger A. Possibly climb to .236 or .382 today before the next leg down.
Some minor adjustments to previous chart - Added pitchfork (credit to friend Matt) and some trendlines. MACD and TSI crossed down. Possibly see .382 retracement to 57XX, would be some achievement by bears if it happens.
Update to recent ideas. I think we might have completed the larger wave 3 and now correction for wave 4 to .236 or .382, then up for 5th and final wave. Currently short from 6444.
CrudeOil Reversal Just Around the Corner ... likely to begin today or tomm max.
CrudeOil Reversal Just Around the Corner ... likely to begin today / tomorrow max.
Update to this analysis > Looks like it could be 2.618 extension of wave 4 to $6420.
Little update to previous idea. Looks like we're in wave C of an ABC thats part of D of the ABCDE triangle. May hit 583X today which is 1.618 of B wave and the top of the triangle. Then possibly E to .236 of wave 3 (4910-5903) to 566X. I'm thinking that the triangle will break out to the upside to 60+, 1.618 of wave 4
Crude Oil is testing the resistance line and looking to make a shot upwards on the weekly. We are also seeing some potential bullish RSI signals indicating a push to the upside with a peak hitting around 130-145 USD and 72-73 on the RSI We may also enter a recession as a result of a giant parabolic spike in Oil prices as insider traders enter short positions...
Possibly in wave 4 (ABCDE triangle) that may end at .236 of wave 3 at 5667 and meet the major trendline before breakout for wave 5 to 1.618 or 2.618 of wave 4
A late break last week above the 56.83 area hints at further advances next week. A pullback and re-test of this area will provide a great place to start to look for Bullish patterns for longs towards 58.79.
Expected .5 or .618 retrace for wave 2 in this idea > However, looks like just .382 was enough for some traders. Possibly in wave 3 now within a channel after exiting inverse head and shoulder neckline. Potential to reach 5940-6020 overall if this is 5 waves up. Currently holding longs from 5705.
Previously theorised an ABC to low 55's but the correction could be over. Looks like on a smaller timeframe that crude is in wave B (ABCDE triangle) before heading down for wave C for 1 0.5 or 0.618 correction overall...possible a wave 3 starts after that heading towards 59 area.
Classic head and shoulders pattern, and I do not think the pattern will work. If price bounces at the first target then the pattern is invalidated and if it reaches the second point on the bottom watch for a trap for shorts to get in for your long.
US crude oil - H4 chart - I prefer shorts due to bearish structure on H4 time frame. Main trend is still bullish so this is a reversal setup on daily time frame but with-trend pull back setup on H4 so quick swing with great risk to reward.
After failing to hold above 58.79 price came back to test and hold support at 56.83. Longs seen as the higher probability move with a break of 59.79 clearing the way for 61.74.