I probably sound desperate as I keep drawing lines into the sky. However, I am still convinced that we are in a first correction of a bull move that will run until the end of summer or something. The count has got simple and more aggressive now without stops until 80+. Ok, now you can call me a dreamer.
Similar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
Which way will you choose? Buy? Or sell? Tell me your opinion in the comment section below.
Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel...
Wow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under...
I had to delete the previous chart as the price quickly knocked out my previous idea )). Nevertherless, I think wave [ x] just finished (A)(B)(C) flat and the price is ready for rallying again.
All right, seems like the oil is tightly following the scenario with a leading diagonal. So far, I see no alternative options at this moment other than wave can complicated further and make another dip. Once low is in the trendline 0- shall not be violated by (B) low in the next (A)(B)(C) zigzag.
When we apply FRVP analysis to the Brent oil chart, I think HKEX:86 is a critical resistance on the daily timeframe. I can say that brent oil, which has failed to break this level by testing it many times, will test this level again.
With today's vicious dip, Gasoil invalidated many alternative scenarios, and I am inclined to see a bullish trend accelerating.
With this flash crash, presumably caused by US-Iran news about a possible swap of nuclear program for oil sanctions , we're back to the scenario where wave [ 2] is already complete and we're in a leading diagonal formation. The nefarious option of an expanding diagonal remains, but it is less likely.
In addition to the base case scenario labelled in colour letters and pale lines, I am introducing a new scenario in which wave [ ii] is not yet completed and is undergoing a more complex yet statistically probable combination of flat (w), double zigzag (x), and triangle (y).
Yesterday was an early call. The market moves in the form of a simpler yet more effective simple zigzag, which can easily develop into a more intricate wxy later on. Nonetheless, the market has retraced significantly, and I anticipate that the uptrend will continue soon.
Right... Clearly, the market is not impressed by His Royal Highness' ability to reign over the oil price. Having said that, I still see an immediate uptrend. So, either the market will reconsider or something new will occur. The outlook remains unchanged; I simply had to shift local tops and bottoms.
Series of 1-2 1-2 can lead brent price to 30 dollars area . It seems impossible today , but in the end of 2019 before the crash " everything was good " Recession , Deflation , liquidity problems will prices down . Everyone hopes on light recession , but everything will be much more worse
Okay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in...
I feel compelled to share another possible scenario. If OPEC+ fails to agree on a meaningful cut, we may see increased volatility, which could shape an expanding leading diagonal (red dotted line and pale wave count). The bigger picture is in the previous post .
I promised in the previous post that I would discuss medium-term charts. I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis. This time, there is another layer of...
whenever joe reach this zone its pull back with very good volume lets see now