Re-test of the Wednesday bottom currently underway. Double tops/bottoms are pretty characteristic of crude trade so I look at this level as more of a pivot than anything else. Bullish trade above $50, bearish below.
Rounding top, H&S, whatever you want to call it, definitely some topping action taking place. Trendline from 53.75 top providing resistance. Looking for a retrace to 50.75-50.25 range. EIA report due out Wednesday can makes things fun, per usual.
Strong $6.50 rally finally showing signs of a turn. Broken lower trendline of channel but can easily turn back higher at any moment. Chart suggesting a bit of a retrace so looking to sell pops intraday in hopes of catching a runner.
Head and Shoulder pattern Entry 53.40
Target 1 =>52.15
Target 2 =>50.40
Neck line 52.70 ==> Price breaks the neck line and makes a nice move down.
=> zig zag pattern ABC
** Head and Shoulder or Descending Triangle pattern
Elliott wave 3
Target 1 = 52.15 Elliott wave 4 have the possibility
Nice charging market here. No looking back (yet) from the 47.00 low. Trendline from that bottom is doing some work, tested 3 times and holding firm. 52.20 is some significant resistance although no sell signals have been given yet. Play the trend until signals arise.
I share with you the weekly economic analyses I prepared for myself on Mondays. These analyses have targets, entry and exit levels. I constantly re-evaluate the transactions according to the anticipated and actual status of the analysis. Do not forget that these are just analyzes. Monday's analysis is the roadmap I gave to my questions about what I can...
Here we have it.
Price came way down from the centerline up to the resistance.
In my earlier post I gave you the short from above, and the long from below.
I was holding my Future long and the Strangle until price had problem in the middle of the fork (orange & whiate dotted line). Price reached this area on a Friday and I was not willing to risk a hard selloff...
WTIUSD/USOIL/CL1!/ SmallElliott wave 5 and Head and Shoulders
HAMONIC Cypher PATTERN Bearish
Small Elliott wave 5
ZigZag pattern (ABC) or Elliott wave 5
Head and Shoulders pattern (Right Shouler)
neck line 51.50
Possible reversible day yesterday putting a hold on the rally seen from the 47.00 low. Today will confirm or deny that. 51.50-51.90 would be good short entry to test yesterday's high mark, new highs would dismiss the theory.