I think that two-year uptrend (2016-2018) is over and now the market is crafting initial waves of a downtrend. P.S. Please do not be confused. This is not pure Elliott Wave Analysis. This analysis is based on my fork of Elliot theory. The simplified concept of this fork is published here: plus.google.com
A volumetric analysis based on the X-volume indicator indicates active purchases at lower prices and an inefficient distribution at a low volume. Therefore, the growth to the resistance level of 63.81 is most likely. Levels by X-Lines indicator. Both indicators you can find in my list of scripts.
Correction coming for US Oil? Seems that the DJI may have met its peak with a correction on the way. Seems to be a slight decline based on moving avg. Could see a small rally followed by another sell off. This is not financial/investment advice. Please do so at your own risk.
WTICOUSD corrects movement. The correction level of the exchange rate is visible at 51.43 usd level. From this level, I wait for a repeat rise. The height of the rise can be the same size as the previous wave. For the exchange rate it is a neighborhood of 67.79 usd. Probably this level is available for the first few days of February 2018.
Our preference: buying position above 56.75 with targets at 57.87 & 58.00 in extension. Alternative scenario: in break of 56.75, a continuation of the decline will be possible with 56.10 & 55.65 in the line of sight. Comment: the RSI is mixed and calls for caution.
Chart patterns give clues of trend reversal to long WTIUSD. Shortly @trajkovic will take stage and explain us the rest of the story…
abcd pattern after Cypher Pattern-Daily chart
US crude oil longs in play - In my view, the weekly bearish trend is broken and the daily trend is now in a bullish structure. I see oil reaching 50s before stopping for another pull back then rallying again to 52s.
Hi everyone: USOIL has a nice sell setup forming. We can see the price action made a double tops on the 4 hr chart, and broke down from the wedge. Now the price action is pulling back to form a lower high. Entering when there is a confirmation of resistance and rejection is a good idea. Potential target down to the lows of 44.00 and 43.00 area. Thank you for...
1. Motive Elliott Wave (Regular Elliott wave 3 / Impulse Elliott Wave 3) 2. Up Trend 3. Wave amplitude extension 4. Fibonacci Retracements Levels 61.8% Area Resistence FOREXCOM:WTIUSD FX:USOIL NYMEX:CL1!
Technical: Bullish case: channel bottom and severely disconnected from moving averages. We see potential closing above a down-trend for the first time in 5 weeks (above 42.96 to accomplish this). If pattern holds, find yourself at the top of the channel (~49.25) within 2.5 to 4 weeks as the spike is has historically been faster than the fall. Bearish case: Below...