EW count and analysis for CL1! crude oil. Notes embedded
I will be buying at around $48/bbl and looking to take profit around $66 with a possible extension toward low $70's. Place stops at the (b) wave low around $42.
After a nice bounce following the Swiss initiative and silver sell-off, we have some consolidation. I'm looking for ~$19.30 to complete this flat wave-B before heading up in C. Tight stop in place just above the wave-A high, with a short from $21.88.
Divergence on the 15 minute chart says we go up a little to consolidate.
Linked is an hourly chart showing why we will fall further still. The higher degree wave iii made a lower low on the hourly, so the bottom of this move is not in yet. I have the remainder of this impulse projected down to mid to upper $15's where the decision will be made if the IV is...
I called for $15 a year and a half ago and it's finally here and I don't see the bottom in sight.
Notes embedded in chart.
Can't click a link? I can see Gold potentially below $1000 and Silver breaking well below $15 with a possible stab at single digits. This after some retesting of lost supports
This is an addendum to my original chart, The possibility of a wave-4 triangle seems like a good chance right now (I'll give it a 50/50 probability)
I've highlighted a possible path along with a target should this triangle materialize. The target incorporates the "alternate target" from my previous chart (Purple), but...
Remember this chart? It's looking like my Orange target is not going to get hit since it's taking a little longer than initially expected, but the Purple target is looking better every day.
If you look back to October of 2012, you can see the last time MACD rising support was broken and the decline that followed. Fast forward ahead one year and we are seeing the...
The 4th wave of C seems to be complete, though it's entirely possible that we could see another small rise to retest lost support at ~$26 or maybe even a triangle. In my mind, the only hope for a Bull market from here would only be confirmed by a break of $26.11 on heavy volume, invalidating this count and making it a completed complex correction (WXY).
Shorts are closed with 11.4% profit as seen on my last SLW chart
There is a possibility of one last wave down, but the Bullish divergence is already present. Currently long, I have no intention of getting stopped out, so I left out the stop. I am expecting at least $30 out of this wave-III.
Wave-4 played out as expected, with some nice profits. This is my projection for the next couple of weeks as wave-5 concludes this wave down. ADX is making the turn back to the selling side, while the SMI heads for the cross down. Wave-5 is confirmed by the Bullish divergence when the SMI fails to make a new low.
This is an analysis using the available data from...
SLW is due for a pull back judging by the large divergence in the MACD and RSI. If this impulse higher is not done already, it will be very soon. This is, of course, IF these divergences are not neutralized first.