Since I am in a short position, I really enjoyed today's tumble in WTI. I now see an Inside bar forming. The only question now is will it continue to drop or will it rebound?
USOIL is now sending some bearish signal on daily chart ( check the left chart)
That give it a chance to retest the blue channel again.
On the right weekly chart, we could see two warning signal for buyers. Price of oil could really hard to make a recent new low. And the end of this week could be the end of corrective wave . A new impulse wave could make oil to...
I always expect oil to do unexpected swings. This is my best count. Yesterday I had a small ride down in a wave C. Now I am holding very small position waiting for (B) to form and if confirmed I will go more aggressively short in the wave (C).
So after analysis chart we can see us oil is try to make double bottoms pattern
and also WIT made head and shoulder inside double bottoms
we have so many more signal about US oil will going up pretty soon and touch that target
after break that box
We are seeing good things occurrence for buyers
oil trade very orderly until the tweet(did not check assuming tweet, but does not matter same effect) drop early this AM. and now we have a interesting situation. 1) we can retrace a little and keep moving down, I will be watching my Red zone. 2) that like other times we retrace the entire move back to location at time of tweet. Again watching close my red zone...
The day before yesterday USOIL slumped well with the assistance of bearish bat pattern in 4hr chart. While the price fell to 0.618 location, AB=CD formed and price action showed the power of buying.
Therefore, it's worth a trade relying on the newly-formed Demand zone in 1hr chart.
Entry: 55.1
SL: 54.8
TP1: 55.7
TP2: 56.1
Market Commentary:
READ THE MARKET COMMENTARY IN THE CHART CAREFULLY...AND TRY TO LEARN THE ELLIOT WAVES...OTHERWISE ITS TOUGH TO UNDERSTAND MY ANALYSIS
All information given inside the chart and i shared this for educational purpose only. Maximum i wont give the followup or update in the old chart posted as educational trade idea, sometimes i will...so please...
Capital market is awaiting Powell to confirm 25points cuts in September. He will not but will leave all option on the table.
Yield 2/10 is now flat and will be inverted, 2yr yield will go up & equities will dump.
Oil will follow with a sharp drop.
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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