The count of wave appears to be about complete. The issue with this chart is that the price is very near to the invalidation line (dashed red), but minor wave v of (c) of does not appear to be complete and needs some space to shape a reversal. If the red dashed line is violated I will fall back on the scenario with ABC flat (C is a diagonal)
after change of charatcter we will see a retracement of the price to fill FVG '' FareValueGAp'' and retest ob ''order block'' after we will see a continuation to wards supply zone
The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August. The technical context entails an acceleration in wave [ 3] of iii. Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no...
🚨 WTI HIGH PROBABILITY SELL SETUP SOON 🚨 * Here we can see clearly the next potential moves for West Texas Intermediate Crude Oil, in coming days or week. * Im thinking there might be a Down Trend Move happening FIRST to form the Inverse Head & Shoulder Reversal Pattern before the Huge Bullish Move to Up Trend. * I've labelled where i can see the Inverse Head &...
This is an update on previouse post that includes TP1 and TP2 for those who want take the chance on WTI cuz it's RISKY
The #WTI Path Will Be Like That after CPI Economic News! I'm Sure about that.
WTI OIL Is there an opportunity? looking at the market structure in the last few weeks there has been a sideways with a fairly high distance.
I had to delete the previous chart as the price quickly knocked out my previous idea )). Nevertherless, I think wave [ x] just finished (A)(B)(C) flat and the price is ready for rallying again.
On the weekly chart, the trend started on March 13, 2022 (linear regression channel). There is a high probability of profit, since the channel is not yet closed. A possible take profit level is 42.67 ( this is the minimum take profit value, but it has a high percentage of payoff ). But don't forget about SL = 98 . Using a trailing stop is also a good...
I think oil is going to check sp line again. The last oil analysis went so well and it's still down trend.
Buying oil with a good risk and reward At the moment, the oil trend is tense and full of risk. Act with caution
Crude oil prices consolidate around 68 and 77 dollars per barrel, remaining below the heights of March and April. The risk of downside movement is fueled by the slow recovery of China and their slow demand increase, higher interest rates on demand and uncertainty around US economy. On the other hand, if the prices dip too low, the countries of OPEC+ will be fast...
The weak trade and inflation data from China further casts doubt on the ability of fast economical recovery of the country after COVID. This puts a rench in OPEC's forecast that China will drive the demand for crude oil to record high. The technical indicators are also confirming the downtrend, with MACD histogram being below 0 and RSI under 50 neutral...
Crude oil is bearish for several reasons: 1. Crude oil’s daily line once again fell below the low level of the platform, indicating that the second decline has started, so continue to look at the new support area today, which is also the ultimate goal of the second round of daily line adjustments. 2. According to the update of the wave trading system, the...
OIL just created a double bottom touch point on 4H data -- conveying a strong order block support at the current levels. It is currently attempting to reverse to the upside, and may retest its previous peak at 80 levels soon. Accumulation at the current price has started and a 4H higher lows has been created -- suggesting a shifting trend. Spotted at 74.00 TAYOR.
BUY Crude Oil - (WTI) (USOIL) @ wedge Breakout Pattern (Day Chart) 1. Wedge Pattern with 4 Touch Points. 2. Now Price Breakout and Retesting. 3. Stoch RSI is Now Oversold. 4. BUY after Strong Reversal Candle around Trendline 🎄🎄Support us with Likes💚💚 and Comments 🌞🌞
USOIL Short idea - Still down trend - i think pitchforks sp line and latest support is gonna be resistance
Oil prices did not advance beyond the surge to the $81.20 level, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from the daily output. The inability of prices to go any higher could not be unconnected to some of the larger economic worries in the market. Hence, throughout the...