If this count is correct there have been 5 waves up from the $43,80 low and could now be in a correction that could dip down towards $45 before up again for either wave 3 or wave C
Update on these long term ideas: Oil breached the long term trendline but stopped at another one (below) and at the 1.414 extension exactly. My theory is the bottom is in here and possibly move up towards $60 again as part of a complex corrective move; a break above $5060 would help.
Update to below idea: Thinking that a starting wedge maybe forming within a channel up, 5 waves consisting of ABC for each wave which means wave 4 could overlap wave 1; Wave 3 of C (orange) hit 1.272 extension exactly and in the same area as 1.618 of wave 1 (white), could see a pull back towards $52 if this theory is correct.
Purely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC). Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave),...
Update on this idea: Price went beyond the 1:1 extension but seems to have turned now close to 1.272 extension, possible that an ABC is completed here. Monthly trendline was touched also: Other ideas linked to this one below:
Bearish flag, or Starting Wedge? Could be either. A flag or wedge appears to be forming and could be a bearish wave 4 or a bullish wave 1, a break below $5211 would signal a 5th wave down towards $50 and a break above $5735 would cancel out the 5 wave idea and could see price back towards $65...I personally favour the idea that C wave completed at $5211 and we...
Update on recent ideas: Oil is near the 1:1 extension of wave 5 in wave C, may bounce from here as there appears to be bullish divergence. Lower level at $51,18 is the 1:1 extension for wave C.
Update on a series of oil ideas, possibly in a C wave now to 1:1 extension around $51
Is there a move downward coming in oil? If you apply 7,4,7 settings to TSI you can see it leads MACD on many occasions (either up or down); highlighted the last 3 big down moves in oil where TSI has turned bearish and MACD followed, TSI on 1W chart has recently turned bearish.
Another attempt at guessing when/if the correction begins, update on below idea: Possible that 5th wave has ended at 0.382 extension and now a correction to higher levels before another leg down below $57,35 Linked to these ideas:
Follow up on this idea: Could be that 5 waves down is completed from the $65,65 high, there appears to be bullish divergence on the 5th wave...maybe we'll now see a move up to 0.382/0.50/0.618 levels to complete wave 2 or B, then down for another new low.
Update to this idea > BTC could be forming a bit triangle (ABCDE), breaking out of the sloping trendline could indicate the end of wave 4 and start of wave 5 towards and above 15k.
Possible running flat ABC correction in crude oil with wave C hitting the 1.618 extension exactly at 5402$
Update to this idea Slight variation as I noticed that when price bounced from 5400 levels it was the 0.5 retracement of the yellow wave 1 I have shown. If it is a wave 2 retracement at 5400 level then we may have had wave 3 early in the week post Saudi attack and already completed wave 4 at 5765. There appears to be an ABCD pattern pointing towards 67 and the...
Update on this idea > Looks like an ABC completed at the $63 high and now moving down it what appears to be a well defined channel. If my current count is correct then the 1.618 extension is at $50,58 which could present a triple bottom to complete wave C of X(2), then upward to complete wave Z back near $63, or higher.
Update on this idea > Price bounced near the 1.618 extension and has since made what appears to be a wedge which could be a starting wedge for wave A or wave 1, may see a correction soon before the next impulsive leg.
Update on this idea > May have completed A wave now (yellow a) and may see a complex wave B correction before breakout towards 60+ for wave C. Alternative below where wave B (yellow b) is already or almost completed >
Possible that oil is reaching the end of a C wave and 1.618 extension. Update on below ideas: