Joseph_King

Joseph_King

Update to Crude Oil idea - C (wave 2 down) completed on Friday and wave 1 of 1 of 3 down completed on Monday. Expecting price to reach either 4787 or 4807 to complete wave 2 of 1 before wave 3 of 1 to 4591

Joseph_King

I posted an idea this morning that USD/CAD had more waves down to come to complete the larger C wave, however, spending a bit more time on it I believe the USD/CAD has bottomed and has completed a larger EW cycle and is heading up in a big way. I've plotted the first set of 5 waves up with the 5th wave an extension 2.618 of wave 4, from there a larger wave 2 could...

Joseph_King

Elliot wave for USD/CAD on 1D timeframe

Joseph_King

Elliot wave for USD/CAD on 1H timeframe

Joseph_King

If Crude Oil does drop after reach 4890 I have plotted the internals of wave 3 down: Pink Waves: A. Wave 1 0.382 of C B. Wave 2 0.5 of wave 1 C. Wave 3 2.618 of wave 1 D. Wave 4 0.382 of wave 3 E. Wave 5 1.618 of wave 4 Green Waves: A. Wave 2 0.5 of wave 1 B. Wave 3 2.618 of wave 1 C. Wave 4 0.382 of wave 3 D. Wave 5 1.618 of wave 4 The larger wave 3 (red...

Joseph_King

Crude spiked on Friday due to an impulsive C wave (in my opinion) from 4647 toward 4890 (0.618 retrace of 5041/4647) on its way to complete wave 2 down. Waves 3, 4 & 5 have been plotted using 1.618 of wave 1 for wave 3, 0.382 of wave 3 for wave 4 and 1.618 of wave 4 for wave 5. No consideration for wave extensions to 3 & 5, so price could go much lower than...

Joseph_King

Crude is currently in a bearish three drives pattern heading toward $4820. Current ABC: 1. A wave completed at 4557. 2. B wave should retrace 50% of A wave to 4667. 3. C wave should retrace 1.618 of B wave to 4490. 5 wave set after ABC complete: 1. Wave 1 should retrace 100% of C wave (50% of the entire ABC move) to 4667. 2. Wave 2 should retrace 50% of wave 1...

Joseph_King

Would consider mortgaging the house to short $52 for this theory and buy the double bottom at $26

Joseph_King

Added Andrews Pitchfork to the chart - Lots of similarities; interaction between trendline, pitchfork line and price at $48,74 in 2016 and now.

Joseph_King

Surely it can't be this easy? Even the ABC corrections are to the same price levels :)

Joseph_King

Holding long position from Friday at $46,38 planning to hold until $48,10 and buy the next dip to $46,50 region and hold toward $49 where the big shorts will come

Joseph_King

Perhaps a rising wedge pattern with EW to $50,00 before the next fall

Joseph_King Updated 

Wave 1 could complete at $45.92 today with a correction to $44.35 (50% fib of W1). Wave 3 should take it to $47.96 (1.618 fib of W1) and correction to $46.16 (50% fib of W3). Wave 5 should take it to $50.18 (1.618 fib of W3) which meets the downward channel top that dictated the falls from $53.80 and $52.00

Joseph_King

Here is my EW analysis for Crude. For the green waves, wave 3 is 2.618 of wave 1, wave 4 is 0.382 of wave 3, wave 5 is 1.618 of wave 4. It's based on the idea that the circled waves are waves 1 and 2 of the larger 3, since they can't be waves 3 and 4 following the first two waves as wave 4 cannot finish below wave 1. The waves within wave 3 (black waves) are,...

Joseph_King

Potentially a bottom in Crude. Double bottom around 4530 (highlighted in the circles) a break out of the bullish bottom diamond pattern and a breakout of the inverse head and shoulder neckline (indicated by the arrows). Potential for cup and handle pattern too. New to charting so feel free to comment. I have an Elliot Wave pattern to fit this idea but no time to...