Learning Elliott Wave Why is oil falling out of the channel before the 1.618 extension? DXY could be key to this trade I don't the the dollar has much more room to advance.
Updated version of my previous analysis (previous idea is linked below) Crude provided us an excellent entry this friday when it bounced off pervious high, leaving us with both resistance area at 38 and structure. This is a perfect chance to get in at the bottom with a target up to 43.40, thus completing our 5-wave correction pattern aswell as a 3-legged move...
My wave count suggest that we are currently in the 5th wave down. Now it looks like CL is ready to have another impulsive wave down to complete the 1st wave of the 5th larger wave. If this bad boy goes down the toilet again, I will look to financials and IWM for shorts.
Crude Oil seems to be forming a bearish gartley pattern, as we go in to the Opec & Non Opec Producers April Meeting. Nevertheless, we are in Over-Bought territory, and expect a retrace to around 36-37 Leg zone.
Crude has been strong and left the building without us. The magnet is the 200 day EMA. We will wait for a consolidation on a pullback look for new trades.
Crude Oil can rally towards 39.5, with buying around 32.5, Weaker inventories are not effecting it like before, its making higher lows and higher closes on weekly charts and 35 is crucial level for its positive trend.
Crude left the building and may not come back. We moved our trigger zone a little higher but may not see it. We will not chase it up here.
Crude broke out from a 7 week consolidation. We like pullbacks to the trigger zone. NO TRIGGER, NO TRADE!
WAVE D, EXTENTION OF WAVE ABC
Crude is developing a fairly big range. A close above the 36.25 area and we could see a move up to 38.50. If this level doesn't hold then $44.00 is on the radar screen. Below 28.50 opens the door to the 24.00-25.00 area. Be patient with Crude.
Resuming from previous Crude oil Post in the blog, check it here... Obviously yes the bottom is in the visible limits We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within...
Resuming from previous Crude oil Post in the blog, check it from what's happening section... We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have...
Long on crude oil, based on oversold conditions, and Wave counts
Crude blew through our trigger zone and never gave us a chance to enter. For now we are on the side lines. At this point crude is in the middle of the chop. We are consolidation so we will keep a close eye on this. BE AWARE: It could chop around for a while.
CRUDE is expected to rise now. There are many reason why we feel it may rise. 01. It has bounced back from quarterly sell target 02 level. 02. Bullish Engulfing pattern in daily Chart. 03. To rise and clear quarterly targets it had to come down to gain momentum for up move. 04. Stoch RSI (3,3,14,Close) states it may rise. 05. RSI(14,CLOSE) Is also of the...
Crude got away from us on the break and didn't get the entry. It as a nice move! However, we are seeing a pullback. We will be looking for a trigger to get short. This will be with a VERY SMALL position. Any lows can be short lived and crude could be forming a bottom.
Crude Oil is signaling a possible reversal. We have a falling wedge, a 5-wave pattern and bullish indicators (with weekly divergence). Therefore everything is signaling an uptrend. The only problem is that we have a lot of resistances overhead, which might make the uptrend either choppy or unsuccesful. However, everything in the chart is screaming "UP" Weekly...