There will be no miracle. Less revenues from falling oil market will drag the index lower as it should be around 800 already and could hit 530 when the oil would retest a multi-year low. The correlation index for the past 12 months shows negative correlation but it is a temporary situation as on the longer periods (20+ months) it is positive. This will change...
This is long term but could be a good short in the future, at resistance now, I will keep my eye on it.
Tabloids and analysts call for $100 amid Iran fallout of supply chain. This simple chart confirms this fear as the contact area within a possible large triangle sits right between 95 and 98 levels.
This is the Blitz setup as the current consolidation structure hints at the following breakout to the upside. It looks like we have finished the 4th wave. The next is the last 5th wave to hit the Fibonacci area highlighted with the orange box. The target is set between the 79.64 and 84.06. OPEC+ will meet this Friday and the last wave up coincides with the market...
Brent Crude reached the triple resistance area around 80 level. I spotted Ending Diagonal EW pattern for you to highlight the possible finish of the current upmove. Watch the support of the pattern. Once the price breaks below it then it could be a nice selling opportunity.
There is a chance that we have a Head And Shoulders Pattern shaping on the chart of Brent Crude Oil. Breakdown of the Neckline needed to succeed to the target at 52.30. (The height of the Head subtracted from the Neckline). This idea accords with my ealrier 4-hour chart idea of the downside in the Brent (see related)
It looks like oil has topped recently and now is heading south to hit the previous major low in the sub-30 area. Wait the breakdown of the corrective structure for confirmation. Bearish divergence could play out soon.
The previous chart was invalidated as wave 3 has completed and we are now in a wave 4. It could be over as price approaches the channel's downside but is yet to reverse. The target for wave 5 is located within the blue blox between 74 and 80.
Oil finished its correction and is heading to the upside of the channel. Could hit into 73-74 area.
After completion the growth would resume.
up channel was noticed at 04-Jan-21:00. This pattern is still in the process of forming. Possible bearish price movement towards the support 66.4000 within the next couple of days price action shows abc correction following textbook 5 count impulse wave rsi is also showing abc correction Wait for logical confirms u can let price action fall below the ema to...
We could be in a WXY flat correction. Looks like some downside is ahead to $60 area.
Global Short Trend, sell from levels Signal: Sell Limit 1 - $55.45 Sell Limit 2 - $57.27 Stop Loss - $61.45 Take Profit - $44.40
Sometimes it is very useful to challenge well-established views. The dominant opinion is that oil is in a correction before another drop. But it doesn't mean that it would come true by all means, that is the difference between trading and forecasting. We trade what we see online (patterns, counts, etc). So this post is to add to the alternative views. It could be...
Same support analysis made in TVC:USOIL . Refer to previous idea: AB Support distance = 303 BC Support distance = 229 AB | BC Average = 266 We look forward to bring an up trend in the 41.70 FX_IDC:USDBRO price level according to August 8th, 2016 support level. Safety Trade Folks!!!
Price could be trapped within a giant Triangle consolidation.
GBP posted strong Retail Data this morning 2.3% compared to an expected 1.2%. This led to a breakout for GBP. It has since retraced to the 50% level for CAD. The target is the previous high approximately 80pips. And the Stop Loss is set just below a previous high and support level: approximately 50pips. With CAD it is important to keep an eye on Oil. So if...
A bullish bat harmonic pattern is forming on Brent Oil / USD on the daily chart. 1.27 AB = CD converges with XA 0.886 !!!