Weekly candle on crude oil closed as a bearish engulfing > www.candlesticker.com
This pattern is characterized by a large black body engulfing a preceding smaller white body, which appears during an uptrend. The black body does not necessarily engulf the shadows of the white body but totally engulfs the body...
Follow up to a couple of recent ideas:
Possibly in a complex WXY correction with X wave either completed at 0.5 fib level already, or another move up to a higher fib level before the next wave (Y) down.
Update to this 5 wave count >
And internal waves of A in this larger degree count >
Even though oil hit the .382 level at $55,57 it retraced and climbed a little higher, I think there is still a little more to...
Update to this idea >
Looks like wave 4 is complete by running flat ABC and now in the 5th wave to $55 level, from there possible correction to complete right shoulder of inverse head & shoulder before the next leg up.
Crude oil could be nearing the end of a corrective B wave.
Price just touched the 0.5 extension at 52,51 for what could be wave 5 of C of B but could also touch the 0.618 extension at 52,70.
A drop below 51,31 would go some way to validating this idea as it rules out what could be an impulsive 5 move upwards.
There looks to be a morning star candle pattern on weekly chart for crude oil and 5 waves completed at mid 42 level, following from this idea bouncing from the .618 extension >
If this is completion of 5 waves from 7690 then its possible that its part of an ABC leg and a correction has...