beep boop beep. Looking for an attempp to recover, but ultimately want to see the price drop to 54.25 before taking a long position. Posting chart for a friend. Any one else, use it as you may.
The markets are changing and oil is looking weak with this strength in the dollar as of late, so be prepeared for this. My overly bearish view on oil is the retest of the lows USDWTI @26.06 and lower @22.00.
I will be going officially global markets are changing its in the charts so be prepared!.
We've seen another 5-wave play off what was a top, lets see how deep this correction gets.
Watching oil, and the play out.
4H timeframe needs to see a healthy retracement after a nice bullish run. Long term bullish, however our 1H timeframe is newly bearish along with our 15 minute timeframe. We are in the process of the 15min retracement for a bearish extension. 15 min candle just engulfed, confirming sells for me. Sell Entry: 73.65 - 73.75 SL: 74.30 TP1: 73.18 TP2: 72.55 TP3:...
Crude oil broke below long term support (white) and we see the healthy pullback in the making. This move shaped the favorite Bear Flag pattern with a Low Risk / High Return potential. Wait to sell on the breakdown. Target area is set within the orange box per Fibbo levels. I guess it's 5 of (1) in terms of EW. Take care!
USDWTI blew through near term support last Friday and has now fallen to a critical support. Due to the importance of this price level we may see it hold where the near term support levels were not able to hold. If your a contrarian trader and believe that this key support level will give you increased probability of price holding and popping higher in the near...
Hey fellow traders, I am traveling for both personal and business over the next two weeks and will not be posted as frequently as usual. If you haven't been following me you have missed a number of accurate predictions in the last few weeks such as the AUDUSD bullish breakout, JPYUSD bull trap, SP500 breakout, Gold price pop, Macy's bullish price explosion and a...
USDWTI has had a great run up over the past few weeks. It was blasted through each resistance level and continues to march higher. In markets like these we do not want to play chicken with a freight train, which means we do not want to go short at all. Right now we want to look for any opportunity to get long. Price has slowed within the last few days and is...
Most commodities seem to be preparing for a bull-rally but oil has been on a run of its own since February, rising 18% (from $58 a barrel to just about $70). However, the $70 price level seems to indicate potential weakness in buy-side pressure and may lead to the start of what might be a serious bear play. Its quite tough to call a top, so here is a picture of...
Analysis: I've seen USDWTI trade out of its downward channel (reversing from a significant 2hr level) It has currently created/in the process of creating, its wave 1 Hypothesis: I am looking for a wave 2 pullback to the purple reversal zone where I have indicated by the blue arrow. Price should bounce from this area and create its wave 3. A bounce at...
I'm expecting a short here but either way, if it a 1 hour candle closes outside of the box I will enter a short. For best results, watch for it to close outside of the zone and then re-test the break. Possible trend change longer term as well so you may be able to hold long term (Much longer than the three TP's.
AB being the range confirmed by CDEF with D already giving a break on the Resistance hasn't given any Priceaction scenario of acceptance or unacceptance/rejection We have 2 scenarios at each boundary Scenario 1 : Acceptance at boundaries - Orange arrows Break and Acceptance at boundary 'A' will give a Short setup Break and Acceptance at boundary 'B' will give...