Hi there, The previous model was broken when the price breached the downtrend. The price moved beyond the start of the wave W and it could hit higher level to reach 1.272 of wave W at the 1.1977 mark. After that we could see a strong downside move. It is possible to see a double zigzag as it was highlighted on the chart. Would it be an Expanded Flat or a Running...
Hello there, I think corrective move is still unfolding in the last wave Z down. Both downside in wave Z and upside in wave 5 are worth traders attention.
Sometimes it is very useful to challenge well-established views. The dominant opinion is that oil is in a correction before another drop. But it doesn't mean that it would come true by all means, that is the difference between trading and forecasting. We trade what we see online (patterns, counts, etc). So this post is to add to the alternative views. It could be...
It looks like we have finished a Leading Diagonal in wave a (yellow). Now it should be a corrective move down in yellow wave b between 50 and 78.6% Fibonacci retracement. After, it could be a final wave c upside.
The pair is in a corrective move. Possibly W-X-Y double three.
Watch when price would finally breakdown the trendline support. MACD shows huge divergence with the price. Risk 115.05/Target 38.70 (highlighted with the dashed lines)
Price could be trapped within a giant Triangle consolidation.
Good to sell when the price would end the consolidation (yellow ellipse) and drop below the previous low (41.20). Move stop then lower above the top of projected consolidation. Target is above the previous low (18.75).
The minimum target is the previous major low at 1665. The risk is above the peak within the Bear Flag at 3305.
The last 5th wave up is underway. It could reach 38.2-61.8% of waves 1-3 as highlighted in rectangle. Long at open ~100+/- Stop 98.70 Take Profit 106.00 Risk/Reward > 4
Target - previuos top 6.987 Invalidation - below 6.8449
we are in a wave 3 of wave C of ABC down. C=A = 4.58 C=1.272 A = 61.8 Fib = 3.6-3.7 C=1.618 A = 78.6 Fib = 2.2-2.4
C=A at the 1266 level. After Diagonal is finished I expect the retracement. Use Fibonacci levels.
Quite often the first idea in your mind is correct, call it divine providence but it works. So the more I am analyzing corrective structures the better should be labelling ))). So this detailed count of what was seen last September - into related ideas below. The target is conservative at 44 RUB where Y=W.
I think we are in a small correction with Running Flat type (blue ABC). It is possible that we can dip to previous low around 1.2400 before upmove resumes. Above 1.2706 (top of blue A) the upside would be confirmed as correction ends there. Overall this is a large countertrend correction and the pound weakness should resume once we are finished with wave Y (yellow).
Brent (UKOIL) is on the slippery path as production is falling and this could lead to the drop of it's share and loss of the benchmark status to other crudes, namely WTI or Dubai or Urals. Triangle is possible model here. Target minus $10 spread - the WTI (USOIL) becomes more expensive than Brent.
Setup is based on the clone of the left part. We are in a wave B before another drop down. Last time price got over 61.8% of wave A in wave B. So setup is as follows: Entry short: 53.12 (61.8% Fibonacci) Stop 54.33 (above the top of A) Target 50.01 - round number ahead of C=A.