Joseph_King

Joseph_King Updated 

Update to this idea Could be in the final stages of X (blue). Sub wave Y (yellow) should be at least equal to subwave X (yellow) so maybe a double top of a slight new high before the next leg down.

Joseph_King Updated 

Update to long term correction ideas: Some notes on the chart.

Joseph_King

Follow up on recent ideas: Looks like the final corrective wave (Z) is underway, small timeframe count, could be nearing the end of wave 5 of A of Z

Joseph_King

Weekly candle on crude oil closed as a bearish engulfing > www.candlesticker.com Definition 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 itself. This is an important top reversal...

Joseph_King

Update to this idea Could be that WXY has completed at 5177 but I think it will drop one more time to the .382 level so it could be a more complex WXYXZ.

Joseph_King

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.

Joseph_King Updated 

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 come, the .382 extension from wave 1 is at $55,91, from there A may be completed before a larger correction back to where the move the $50 mark started,...

Joseph_King Updated 

Possible triangle in Crude Oil. Below 55 would invalidate the pattern.

Joseph_King

Update to several theories: The 0.382 level was hit which could conclude wave A of a larger correction, B may correct to the .382 level which coincides with a backtest of .236 at mid $50

Joseph_King

Slight variation on the 5 wave count from this idea > Looks like a triangle is forming, a break below 5185 would invalidate it.

Joseph_King Updated 

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.

Joseph_King Updated 

As per Bulkowski there appears to be an "M" pattern in crude oil > thepatternsite.com Sell once price closes below the valley low for 50+ pips.

Joseph_King Updated 

Potential correction theorized earlier maybe be part of a larger wave 4 to .382 or .5 level, followed by wave 5 to 55 or so >

Joseph_King Updated 

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.

Joseph_King

Could be a triangle forming in crude oil before another leg down.

Joseph_King

Bit more detail on this idea > Could get a simple ABC to .382 level, or a more complex correction (WXY, or even WXYXZ) to a higher fib level before breaking 42.

Joseph_King

Update to this idea > Possibly still in wave 5 in ending diagonal

Joseph_King

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 started, another leg down below the recent low made at 4220 could happen post...