Crude Oil has been in counter uptrend since june 21st 2017 and will reach a strong supply zone around $50 to $52. I am expecting a reversal from there in 1-2 weeks from today. After the market opens on monday, the crude oil is expected to trade above $47.70 for a few days till it come closer to $50. As it comes closer to $50 expect sellers to step in, and slowly...
After completing Wave 3, it seems that Crude Oil is stuck in a sideways movement as of now which looks most likely as a Triangle. A break above 48.35 or 49.93 would say that things are otherwise. Overall I expect one leg up after the completion of this pattern for Wave 5. I will update further as this market progresses.
MARKET ANALYSIS: The pair is now trading inside a descending channel. As of now the current scenario shows that the market tends to reach the channel resistance. So once we reach the resistance and the candle gives us a better confirmation for shorting, We can go for sell trade setup. So lets wait and see what the market does in the coming days. Cheers!
Crude is currently in a bearish three drives pattern heading toward $4820. Current ABC: 1. A wave completed at 4557. 2. B wave should retrace 50% of A wave to 4667. 3. C wave should retrace 1.618 of B wave to 4490. 5 wave set after ABC complete: 1. Wave 1 should retrace 100% of C wave (50% of the entire ABC move) to 4667. 2. Wave 2 should retrace 50% of wave 1...
FX:USOIL had been retracing its bearish trend the last two weeks. It is now currently at key resistance zone. Short order set up for the following reasons: Overall trend on daily chart is down Price resisted key resistance zone at 47.00 to 47.75 (previous April 2016 to June 2017 channel support now became resistance) Forming a shooting star candlestick...
i will go short on oil at 4.93 as soon as i get a candle stick formation for going short
Would consider mortgaging the house to short $52 for this theory and buy the double bottom at $26
Hey guys ! ** Watch for weekly view below ** Here is a good opportunity to short the crude oil with a potential 800 pips profit trade ( R/R around 6 ) Accumulation of : - Weekly trend ( blue ) - More weekly trend as resistance ( black ) - Others monthly trends ( red ) : far but still active - Fib 68.2 - Fib 78.6 - Resistance zone - Stochastic will be...
Added Andrews Pitchfork to the chart - Lots of similarities; interaction between trendline, pitchfork line and price at $48,74 in 2016 and now.
Hello everyone. I hope it goes all well for You. I have been working this set up out this evening. Crude Oil seems to be struggling and is not giving us a wild rally eventhough we had two consecutive very bullish stockpile reports. The first one that came out on July the 6th has not endured the bears pressure and session closed much lower than the days high....
$44.18 Good pull back area for a short re-entry %50 fib
The daily time frame shows that oil is heading to the lower orange trend line again. Stoch indicator is also supporting this indicator thats its a clear sell. Oil is also still setting lower highs and lower lows. However, oil has already completed the bearish 5 wave Elliot structure. This is usually followed by a by bullish wave structure and indeed we can see a...
This might hold and go higher but could be an excellent opportunity for a short term short. Sell the %50 1st target 43.38, could 2nd target 42.99 and could be a strong reversal.
USOil is giving a buy setup after 61.8% correction from the last rally. I would expert it to go higher from here with stoploss around 43 and targets around 49. Happy Trading!
Previously I was considering that the up move from 42 levels was a Wave 4 and that we still had a leg down remaining, however it clearly was not the case as that count was invalidated today. The count published in this post is the most likely scenario for WTI Crude Oil. As per this count we are in an impulsive move from the 42 levels and currently in Wave iii of...