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Welcome to technical analysis of CRUDE OIL.
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we see shooting star candlestick near major weekly resistance on weekly chart , this can be sign of reversal .
hidden bearish divergence also gives us indication of bears are coming soon.
Down sloping PF off 2016 low and 2018 high (red)
The median line provided some key areas of resistance/support from 2017 to present
Support in 2020 low off lower parallel (good rejection)
Test after price break late 2020
Next target is upper parallel. An option is that price breaks above upper parallel then pulls back to test the break
Modified Schiff Pitchfork (red) off 2008 high with pivots on 2009 low and 2013 high
From 2013 through 2020, the median line has provided support for 2 large areas of tests
With hard rejection off line in 2020, price now moving back to upper parallel
One option is the upper parallel holds then price moves back down.
A second option is that price breaks...
As you can see from the Weekly chart, bear market might have ended for crude oil.
With Elliott Wave model, i have counted the corrective wave started from July 2008 to mid April 2020( indicated by the oil crash event amidst pandemic).
A complete zigzag corrective wave is done with prolonged ending diagonal of impulsive wave C.
If this model is correct, then I...
It seems that Crude is in the last stages of what I see as an Expanding Ending Diagonal. I will wait for confirmation however as this market has already fallen below the 61.8% mark of the previous up swing.
I will update further as this market progresses.