Crude Chronicles: Unveiling the ZigZag Symphony - Quest for $55

Crude Oil CL1! !

Let's delve into a crucial chart, our beloved Crude Oil (CL1!) Futures Contract. Starting the count post the pandemic dip, we've completed a 5-wave cycle reaching $130. After a subsequent drop, the Wave C formed in March 2023. Following that, in my analysis, we've crafted an upward Wave X around $95. Currently, we seem to be descending to form Wave Y or Wave II of the overall cycle, expected between $55 and potentially lower, around $50.

This range holds significance, encompassing the Y-extension from 127.2% to 138%, and precisely the 61.8% retracement of Wave II. An essential zone, it coincides with a tiny accumulation phase from 2021, aligning with the 61.8% level.

Zooming into the 2-hour chart, the B to C wave reveals a 5-wave structure, typical of a ZigZag pattern (5-3-5). Therefore we should see a 5-wave structure to the downside. Analyzing the current sequence, we've completed waves 1, 2, and 3, hitting the 161.8% mark – a minimum target for a Wave 3.

We are anticipating a retracement for Wave 4 within 38-61.8%. A potential Flat pattern suggests the 38.2% level could act as support, projecting a move downwards after a slight surge. The primary scenario envisions a move to $55, invalidated if Wave ((iv)) surpasses the Wave ((i)) level, marked as "Invalidation," precisely above 61.8%.

Several factors indicate a downward trajectory, making $55 a plausible target.

Comment:

We are on a very good way to complete our wave (c) and the superior wave iv, overall, so that we can be filled in our trade and continue our race towards lower prices around $ 55. I will keep you updated!

Trade active:

We have been filled on our Oil Short and will now be monitoring the movement closely. Our expectation is the 127,2 % fibonacci level at $ 55.14. Let's see how it moves.

Comment:

Oil Trade Update

Oil #CL1! CL1!

Following our entry at $76.23, oil has taken a journey upwards before experiencing a significant retreat. Since our position initiation, the price has shed nearly four percent. Despite this, we're braced for further descent, eyeing a target of at least $68.70. Our long-term outlook remains focused on oil gravitating towards a key zone we've identified on the broader canvas, ranging between $53.82 and $51.82. It's within this spectrum that we anticipate oil will find its footing once again, though a sell-off is expected en route.

The extent of the downturn remains to be seen, yet our short position holds steadfast. We plan no immediate adjustments, allowing our strategy to unfold unless unforeseen geopolitical shifts prompt a course correction.

Comment:

We have observed minimal movement and notable changes on the WTI Crude Oil chart. However, our analysis suggests the likelihood of a final impulsive, corrective wave (v) before a definitive and robust trend reversal occurs. Notably, the price has been rejected three times at the 50% Fibonacci level ($78.84), indicating the continued relevance of our established zone. Patience remains crucial as we await further developments.

Trade closed: stop reached:

🔴 Trade Update Long-Term 🔴

Crude Oil #CLI1!

We got stopped out on our oil short trade, the conflict between russia and ukrain hasn't been on our side this trade but that is really nothing one can count on. We are now waiting and observind how oil is behaving the coming days/weeks and then we are going to send out new entrys if possible. 👍