Joseph_King

Joseph_King

Hi, Theory based on already complete 5 wave down (in wave A of ABC), potentially in wave B now with wave C to follow to new lows.

Joseph_King Updated 

As posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal. The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started. The 0.618 extension of wave 2/3 is at $43,07...

Joseph_King Updated 

Update on below idea: Think an ABC completed at 1.618 ($41,15) in an ending diagonal and now nearing the start of wave 3. This idea is invalid above $41,13 and would start confirmation below $39,95

Joseph_King

Update on below idea: Still believe oil is in a corrective pattern; either WXYXZ up to $41 area, or WXY is already completed at $40,58 and we're in wave 2 of an impulsive move down already. A break above $40,58 invalidates the wave 2 idea, a break above $41,62 invalidates the WXYXZ idea.

Joseph_King

Update on below idea: Oil now hit the .618 level and what could be an ABC completed...is oil on the brink of collapse?

Joseph_King

To me it looks like oil is in the early stages of C or wave 3, in addition there appears to be a head & shoulder formation after price hit the 0.5 level. Oil could hit the 1:1 extension at $34,89 to complete a C wave and bounce up to a new high above $41,63, or push down much further to 1.618 extension at $32,12 to complete a wave 3 of deeper C.

Joseph_King Updated 

Update on below idea: Thinking oil is correcting now but still in an impulsive move downward overall. If price gets above $39,46 then it would invalidate this theory.

Joseph_King Updated 

Update on the below idea: Oil has hit the .236 extension but could push up to higher extensions...If this 5 wave theory is correct then there should be a large correction coming.

Joseph_King Updated 

Small timeframe idea for oil. Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5

Joseph_King Updated 

Update on below idea; maybe wave 4 is finished now, or a still correcting, hard to say.

Joseph_King

Couple of theories in one chart on how oil might move in the coming days. Scenario 1 (white) - Correction is already completed at $34,58 and now in an impulsive move towards mid $40's; A break above $40,61 would look good for this theory. A break below $37,42 could play out scenario 2... Scenario 2 (orange) - A correction is still underway in WXY form, price...

Joseph_King Updated 

Follow up on the below idea, possibly a slightly more complex correction under way

Joseph_King

Small timeframe idea, possibly in wave 2 or B correction which could reach $36,40 > $36,96

Joseph_King

A long term Elliott Wave idea

Joseph_King

Update on below chart. Could be more upside yet before a larger correction.

Joseph_King

Looks like oil is nearing the end of a 5th wave after exiting a typical 4th wave triangle; May see a correction soon before another impulsive move upwards.

Joseph_King

Update to this idea: Looks like a wedge has formed and could indicate an ending diagonal; the .236 extension is at $17.82. There also appears to be bullish divergence.

Joseph_King

Is there one more low to come for Crude? With this count wave 3 of 3 (white) touched the 2.0 extension and wave 5 of 3 stopping near the 0.618 extension. If we are in wave 4 now price could reach $33,92 (0.382) or $37,03 (0.5) before another leg down in wave 5 below $20. Price has already reached 0.236 which is also a common wave 4 level.