Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market.
Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions.
We are currently in the process of another of these unwinding cycles.
The Willy21MA13...
I think we just did a 5 wave move down and a 61.8% retrace. It is very hard to say here, but this is my first attempt at this trade. I am short and am holding. Please help me improve and profit, I want to get better. Thank you for your time
Down breakout confirmed bearish scenario where we are looking for last leg which will form Wave (v). Two price levels are favors from fibo extensions;
1st: 88.41/43 -> 50% extension of Wave (iii) and 223.8% extension of Wave (a) of Wave (v)
2nd: 87.14/24 -> 58.6% ext of Wave (iii) and 261.8% ext of Wave (a) of Wave (v)
After I expect to go up
Ranging market looks like triangle formation however any break above make general outlook bullish. Cycles are very bullish for the next week. I am waiting for a break
Rise from 92.55 broken just below 96 and save my count. Now we are looking for final leg down which is Wave (c) of Wave (v). Most likely targets 91.20 & 90.14
We are trying to hold that trend line on some early sell off this AM. We will be a buyer above the 97.20 area. We will look to a 60 Min chart to enter and define our stops. Our first target is 99.00.
We are back inside the weekly trendline. This is a major line and I expect some fighting in here before we get a definitive direction. If you are long from support keep stops tight. Targets would be 99.00 - 99.75 area. FYI...if you are trading the SEP contract you should roll into OCT on Monday. We do not have a position...we missed it (Bummer). Have a...
After comments from our Daily chart of Crude we decided to post a weekly chart. Note how Crude has been winding since mid 2011. While the swings can make for good trades be sure to consult a higher time frame chart in order to get a clear picture. Crude has slammed into it's support...will it bounce or keep sliding.
We will start watching lower time frames...
We missed it! After a nice head and shoulders pattern Crude broke the neck line and started consolidating for another leg down. We are not in this trade. We took this off our radar screen and unfortunately there were a couple good trades. We don't chase trades so we will wait. Take a look at a weekly crude chart. While it is moving...we are in the middle of...
First for the long term we've has an up trend from the start of this year.
Then it started to retrace and it broke through 38.2 with a gap.
Now it has gone sideways in 50-61.8% zone and it has a great confluence with a previous support from April which also was a 61.8 retracement.
In the shorter time frame (4H) we can see a head and shoulder pattern forming -...
We have a FIB 61,8% Level Rejection here and this could be worth to think about a reversal in the upcoming time.
This is technical a early stage for thinking about a long position. If a second Bullish Divergence structures on RSI it would be a buy signal for me. I am Waiting for the MACD to show a clear Bullish Divergence. At the moment it shows just a half one.
This is one of the cleanest H&S patterns I've seen in some time.
Price is currently above the neckline which puts my systematic trading approach in the Long camp up until COG is beheaded.
Target price for either scenario, Long/Short of the H&S pattern is shown by the colored boxes to the right of the last close. The Short side has additional support show by...
Crude oil tested a critical support level on the daily chart last session. This market has experienced such an aggressive sell off, it has forced price to accelerate away from it's mean value - leaving that mean to price gap.
Generally when these gaps occur, the market likes to 'sling back' and fill the gap between mean and price which is knows as the 'elastic...
After Lybia is now able to export more oil (totally +500.000 Barrels) it will show an influence on the Oil price significantly.
Next Targets:
104.25
103.65
102.35
Resistance broke and this is free way for Oil to fall back after the rise during Iraq crisis.
After break of key resistance at 105.00 I would not consider any fall-backs under that level as long as the Iraq crisis lasts.
Two possible scenarios:
1. it will hold a neutral sideways market
2. it will break through 108/109/110 for more upwards movement
Due to the issues in the middle east the worlds oil prices are gaining at a rapid pace.
In the event the city of Baghdad falls or the southern territories fall the surge in American Oil will be explosive.
The stock currently is in a out mode based off the upper indicators which I will not get into however the price which will continually rise of 38.853 and better...
Sort of Symmetrical Triangle formation but more Ascending Triangle rather than Symmetrical can be seen on Crude Oil Daily chart. Anyway, I really like price movements within any kind of triangles until it gets really tight and hot, and when it gets broken it's another opportunity where we want to be placing our orders, right? My prediction is a short term...
