Sabaudo

Sabaudo Updated 

Two possibilities that I can see. An impulse wave to start a higher degree Wave 3 or an ABC to complete what may be an X wave in a WXY Wave 2 of higher degree. Price continues in a Wyckoff trading pattern and put options have the bias over the last couple of weeks on the January Options expiring in December. Technicals approaching over bought areas so may see...

Sabaudo Updated 

Looks like price is progressing along assessed evaluation from previous chart. I think we are in a C wave portion of a correction for Wave 2 on Crude Oil. Technicals on the 4 and 5 hour charts are bottoming out so may get a bounce here pretty quick.

Sabaudo Updated 

Couple forms of analysis. Wave count and Wyckoff distribution. Pretty early but today's high may have been an up thrust after distribution supported by volume. If channel breaks to upside and finds support at upper channel, then analysis incorrect and will look for higher prices from here.

Sabaudo Updated 

I think we are in a triangle wave B correction following a 5 wave leg labeled as wave A. I expect C wave to follow with a breakout of the triangle to the downside.

Sabaudo

New high today may be the end of the rally. Given the extended nature of this rally, I wouldn't rule out another extension for an alternate UTAD but volume over the last couple of days seems to support that the top may be in. I've update EW count and placed a trading range on the hourly. My see price go up to the upper support line of the TR and then continue...

Sabaudo Updated 

Looks like my teeth got loosened a bit. My thoughts of a distribution phase turned into a re- accumulation phase for CL. CL hit 60.97 which was right at the top of the July 17th daily candle Indicating some resistance on a daily scale. I'm working on a Wyckoff picture on the daily but still a work in progress. No Wyckoff labels on this. We saw yesterdays push...

Sabaudo Updated 

This is a continuation from yesterday's analysis for the current consolidation pattern for CL. I've updated the count and indicated where price traded today in a relatively tight range and low volume. As I indicated previously, the UTAD could very easy be an SOW for a bullish continuation of rising price. The rise from the labeled SOW is on decreasing volume...

Sabaudo Updated 

This is turning into a very nice example of a Wyckoff Consolidation pattern in my opinion for Crude Oil. My bias is this is forming a distribution pattern with the BC, SOW, and UTAD in place. I have indicated Elliot wave counts and have EW projection for the move downward. Jan options expires tomorrow and have price pinned at around 57 +/- 1 so it is quit...