We can observe a clear and classical WEDGE formation. This formation is generally quite reliable in predicting a trend change. This pattern is NOT a TRIANGLE or PENNANT, which could herald continuation of the bull market ahead, but it is a clear wedge formation. At this point I don't have any firm ideas up to which point the Oil price will trace back but 32, 30,...
Completion of wave structures Piercing of significant hourly resistance lines First Target 37$/barrel
Oil prices reached a crucial Point of 37 dollar range as I have predicted a long time ago almost at the very beginning of this Bull move from the end of the fifth wave (indicated in cyan on chart). Now we have a nice ABC formation and the price hit the very strong Resistance zone (green box above). I expect the price to go down from this point. I cannot give you a...
If the count is correct of course. However also alternate counts indicate that USDCAD is in a Bear trend (in daily proportions) and that there is a good deal of probability for prices to go down to the levels indicated on the chart. Good Trades.
The latest run shall not go higher, as there is a strong Resistance. Don't forget that we are in a serious bear market. I expect a drop to1870 levels. The wave count seems to be completed as well to A point. Do not recommend any long entry at this point. For short entry wait for a convincing down thrust. Good Trades.
No one can deny that this is not a strong thrust. In fact this has been the strongest for a long while. Soon, I will be buying Oil ETFs (i.e. Horizon) into my portfolio. Waiting for good Entry point. I believe we will see new highs and the first stop will be possibly around 37 dollars. Good trades..
As shown on the chart. Question is whether there will be a last bull ride to the upper line of the triangle or not. Good Trades
We are into a very complex type of consolidation pattern and no one will ever know what will be the next move. There is no regular patterns within this correctional period. The latest complex move (a-c on chart) was thought to the beginning of a 1-5 Elliott wave pattern, but it doesn't seem to be (So dismiss my previous analysis) However currently the price is...
Penetration into the strong support was an indication for great weakness. Also a major support is broken out (red line). Good opportunities for shorting ahead.
May be a window of LONG opportunity for the Oil. (REFER TO DESCRIPTION ON THE CHART), with R&R around 2. Thrill seakers may jump in (Not me) with a target at 34.32. Good trades Note: On the chart, after publication, the trendline (blue) appears misplaced for some reason. Should go right below the current price.
Watch the point indicated on the chart. 3 lines coming together as a perfect storm. The test is whether the price will be able to pass through this cluster of lines. If yes, then there is a new found strength and prices maay proceed higher. We will see. Good Trades
I believe this one I favor more to my previous one. However the good thing is that this one does not change the end result. The change is that I have replaced the 1-5 wave with an ABC (IN BLUE COLOR). The reason is that I could not come up with clean 1-5 wave count as this down trend looks very irregular., ABC is a better fit. I still keep the 1-5 wave formation...
This is my interpretation, how things may unfold. Sooner or later we will see a collapse. The 3rd major way is NOT that far away and it will be a massive one. We'll see. Good luck and trades.
As shown on the chart. Yesterday, I had to get out of my position as there was no Strength following the initial push and I was right to do so, as the prices went down right away. I almost broke even with this trade (almost 0 profit), but I preserved the capital. We seem to be in a 3rd wave down of a larger 5th wave. I still maintain my target (of at least a month...
The price couldn't penetrate the heavy Resistance area as predicted in the previous analysis (shown as blue box area). Here is the updated chart. Started 3rd of the 5th and last wave down. Expect a major drop next week. End of 5th wave envisaged as 1.33-1.34 range, where there is a heavy cluster of Support (See Target 2)
Before the 3rd wave. Judging by the strength of today's move up, next week could be a Bull week. Target 1960.
The heavy Resistance Zone (Blue Rectangle) poses a barrier for the bull trend. The latest bull advance looks highly irregular from the Wave count stand point and I tend to classify it more as a Correction Zone, possibly an ABC formation. If true, then we may expect the price going down to 1.34 range, completing the 5th wave as indicated on the chart. USDCAD is...