I analyze using a wave system which tells me Oil is at the end of it's run.
That aside I see the head and shoulders pattern on this that will produce some results.
The previous high should not be broken and now is the time to short.
I believe this is due to temporary strength that is about to be shown in the US DOLLAR - Please note: This has nothing to do with...
As a result of my previous related idea which said prices would not exceed $12,000 (see link below) here is what I think is coming next.
Well nothing can come next except an impulsive decline according to the wave structure I am seeing which should unfold in another Zig Zig lower.
So in my opinion this is wave 1 of A followed by an ABC correction.
I expect to see the following price action go no higher than the last high but near it, enough to put on a low risk trade before collapsing in an impulsive (5 Wave) manner.
If your conservative you can wait for a break of the rising trend line but its going to cost you more.
Be Humble :P
I don't think this run is over yet. I do like this pattern and I have been studying it closely.
This is a tricky one first it must bounce up to complete the C Wave, then it must drop to just above support and the turn around and resume the trend.
Given that there is going to be some volatility on Monday or Sunday depending where you live it will be interesting...
This recent drop looks big enough to be a new wave but it doesn't add up.
Wave 2 was a shallow retracement therefore Wave 4 is meant to be deeper and the upside target was never reached.
This leads me to conclude that there is one more Wave to go: Wave 5 - As weird as it looks, looks can be deceiving.
So after my previous post the highs were broken so that invalidates the idea.
It looks like a series of 1-2's with higher highs have formed and the next move up should be toward the 1.34 area in what looks to be Wave C of a Zig Zag.
In my previous Bitcoin idea I stated that Bitcoin is in a wave 3 down, that was incorrect.
That drop is still coming but not yet and not until we hit the "Rejection Area".
Stay tuned for more Bitcoin updates.
Video updates coming soon.
USOIL right now is at its most predictable.
Having completed most of the zig zag I thought I would outline the waves.
Having just finished Wave 1 and now a pullback in Wave 2 to .618 it is time to pull the trigger and put on a long position on with a stop below $55.75.
Target $84.59 or less.
Wave A is sharp. Wave C should slope slightly more than Wave...
Given the severity of the recent drop and the rule of alternation it looks as though this could be the 4th wave and the next wave 5 will be the last wave for this entire trend since 2009 before it terminates.
Pay attention to the strength of this last wave up using RSI or ROC and if you notice that it is a weaker wave technically then it is probably a wave 5 (The...
All the signs are pointing to the end of this corrective advance in the Euro.
It looks like an impulsive wave but it is not a sharp and impulsive as the 1st wave.
It has retraced just about 61.8%.
A and C are not equal but they are not always the same length.
The next move down should be wave 3.
After invalidating my previous idea when support was broken this indicated that the 5 wave move up in the Bitcoin mania had completed late last year with a now Wave A collapse in progress.
I expect to see wave 3 terminate around the $4000 mark.
Tracking this drop we can now expect to see this drop accelerate lower in a 5 wave plunge.
I expect this to fall back to the area of the previous fourth wave in wave 2 of 3 before it continues higher.
Disclaimer: I trade purely based on the waves, so I have my 1 theory on this particular market which leads me to predict what is happening based on the bigger picture.
I mainly trade based on waves and if you have seen my US Dollar idea I believe it's ready for a bounce but I want to highlight some interesting candle stick patterns because I am a Steve Nison fan.
Evening Star: This one has the big red confirming candle right after the doji.
3 Black Crows: The three in a row lower lows with the small real bodies.
I like these...
Gold is near the resistance area specifically mentioned in my previous related idea. (See Below)
This also relates to the US Dollar which has almost completed the 1st small degree Wave 1 down in a multi year decline but is due for a correction in Wave 2.
With wave 5 almost reaching the 89 target. (See previous related idea from October.)
I think it should hit the psychological level of 90 before any bounce.
The bounce should be a zig zag and should not go above the December 2016 high.