US crude oil longs in play - In my view, the weekly bearish trend is broken and the daily trend is now in a bullish structure. I see oil reaching 50s before stopping for another pull back then rallying again to 52s.
Possibly a flat day on Monday as Crude goes through wave 4 of wave 1 down. Possible retrace to 4772 (.236 of wave 3) or 4801 (.382 of wave 3) before down to 4648 or 4678 (2.618 of wave 4 depending on where that wave completes).
Update to previous 12345 waves down chart with a bit more detail. Wave 2 complete (4559 to 4941), wave 1 of 3 underway possibly.
Going Long Is not a Bad Idea for Crude
Second crude idea this one with 5 waves down.
One of two ideas, this one an ABC. B completing at 0.786 of 5041/4559 at 4941, C to 1.618 of A to 4262
The price of WTI oil has reached historically important level. Tomorrow, either the fact that the price of oil will begin a new stage of the fall will be confirmed or come to a new level and continue to grow! I definitely do not believe that the price will grow and I will trade tomorrow using weekly report on live session! Join, let's do it together! You can see...
Looking at the count for wave C. * Green waves (5 waves within C) 1.618 of wave 4 ($47,20 to $46,91) is $47,37 * Blue waves (internal waves of wave 5 of C) 1.618 of wave 4 ($47,31 to $47,21) is $47,37
Possible that we're in an extended wave 3 down with an internal wave 2 completed at $47,44 on 31st August. If early next week $47,44 is broken above it will invalidate my count. Based on 5 minute count of the ABC within wave 2 (orange waves) $47,40 could hit.
Could see a bottom to the current down trend at $42,85 - Intersecting major trendlines at that price as well as wave 4 up and C level at that point (red waves). The waves up from $42,85 are plotted using 0.382 retracement of the ABC correction from $55,04 and $42,85 (red waves) which has an ending point for wave 1 up from $42,85 at $47,81. The rest of the waves...
Updated waves to complete the larger wave 3 by plotting waves 2 to 5 internally. Waiting to short 4630.
An alternative to the recently posted ABC. Same outcome at 4680 but different internal structure based on a slightly different count of the 5 waves with A. I think this one is more likely.
Made a mistake yesterday with a miscount of waves, I thought we had a move to 4715 but we'd already started 5 waves down, managed to catch the end of it though. Another ABC today but part of the larger set of 5 waves that started from 4873. B could complete at 4602 which is level with the 4th wave up within A. 4680 could be next which is 0.382 of the wave 3....
Possible move up to 4715 to complete C wave before down below 46. Holding a long position from 4655. Plan to short around 47 for 4560 approx. Alternatively could be in wave 3 down already. Stop Loss is 4635
Updated ABC correction as the 5 waves up within A were much steeper than I previously plotted. Possible ending of B & C waves plotted for the end of wave 4 down, wave 5 down to follow in the region of 4560 depending where C of 4 completes. No position at the moment, waiting to short the end of C wave.
Till the and of week I'm waiting for it at 44.20 at least. It's good position for Binary and Forex traders Oil - Down
15M view of the correction to wave 3 down (pink waves). Wave 1 of A would normally complete at 0.382 of the previous wave 5 down, rest of the waves as standard fib levels; wave 2 0.618 of 1, wave 3, 1.618 of 1, wave 4 0.382 of 3, wave 5 1.618 of 4. B 0.382 of A, C 1.618 of A.