WE ARE ENTERING "TIME AND PRICE " IN A POTENTIAL REVERSAL ZONE.
LAYING OUT THE PROBABLE PATHS OF PRICE $26.06 -23.80 AT SUPPORT...WEEKLY CLOSES ARE SHOWING BUY TAILS. LOWER TARGETS ARE STILL POSSIBLE 35% CHANCE PRICE ACTION WILL CONFIRM ITS PATH.
Time Window is there.....pullback or melt up to the Harmonic Levels...... Inside Day today possible forming.
Hey all hope you are having a good evening. We see a upside from here in oil, definitely in the short term. We have a beautiful bull flag forming on the daily. We have surpassed the support in the Volume-Price action in the 30.23-32.23 area. The bull flag is resting on the bearish trendline. If we don't breakout tomorrow we will continue in that bull-flag channel....
Oil is bearish. A text book trade. Congratulations if you are following the trend. Don't think for a second that it has bottomed yet. Before entering in any trade, watch tomorrow's oil inventories.
I am betting that the market reverses when crude tops
ODDS FAVOR A BOUNCE...POSSIBLE RETEST OF THE LOW OR FALSE BREAK DEEPER INTO THAT AREA.
Inventories reaching 86 year high, and BB %B show repeating trend since december
A BREAK ABOVE CAN LEAD TO TARGETS OF $45-$48 IF NOT HIGHER OR ANOTHER NEW LOW TO $18-16
The price action makes the most sense.
LEFT CHART Oil: I expect oil to hit the top of longterm channel (orange line) where it will likely be rejected softly, then break it again and retest... at about that point the 20DMA may cross the 50DMA which will cause a strong surge (like the past gold rush)... my PT 36,09 but could be higher. MIDDLE CHART Gold: Looking for a possible H&S here, with a breach...
WEEKLY PERSPECTIVE.... 26.06 - 23.80 MIGHT CAUSE A REACTION.....LOWER TARGETS OF COMPLETION ARE STILL IN "TIME" $CL_F $USO $DWTI $UWTI $OIL $XLE $DTO $UCO $CVX $XOM $HAL $EXXI $SCO $ETE $XOP
Be prepared for anything.....Markets can go lower and extend faster than most people think. "25" may bring a short term bounce if it gets there. Only follow "The Language of Price". It is all that matters.
Very close to "CONFLUENCE".....STALKING THE SWING....
As long as today closes the daily candlestick at a price of 30.57 or higher, the resulting inverted hammer formation is a signal of a potential bottom in oil prices. My price target remains the macro trend line resistance near $34, with a longer-term price target of $39-40.
Madness..... oil holding on to $30 right now. Make or break here, with tight stops.
Downtrend should resume after that IMO