We were hoping for some bottoming action on crude but the consolidation suggests another leg down. If so the 76 area is on tap. If they squeeze the weak shorts on a momentum move up then we will look for a level 2 entry for higher targets.
CL 12-14: Light Sweet Crude Oil CL is forming strong bullish move during November 2014 off the weekly bottom being formed this week. Aggressive traders can go long on any pullback move to the critical black lines. If weekly bar closes above 81.16-20 zone, this will be great confirmation of starting uptrend at least during first two weeks of November before the...
I think crude has overshot fair value and is now oversold. It is below the linear regression (ie Trading range) and CCI is creeping upwards. I would make this call with more confidence should the MACD crossover occur with more enthusiasm but I'm getting in before the market does. Of course the moving averages are against us, but if we see Europe start to gain...
Crude is now in a bounce area and we will be looking for any dips to buy on the 60 minute chart. We will look for shorter targets expecting a retest of the recent lows over the next two weeks.
CHANNEL SUPPORT, Lower Risk To Reward Trade. Regards, SP CapitalTA
Everything can be seen or read on the CHART.
If there is anything that many years of trading has taught us, it's to STUDY charts (1,000's of them) and understand when and why to trade. Look at the post of CL prior to this. . The larger time frames show you where the big boys play and the smaller time frames will help you enter the trade. Then study this chart. Ask yourself...where has price come from...
We are now watching CRUDE (Weekly Chart). If we see the break 90.50 are we could see another nice leg down to the 88.00 area. We tried to test the long side and were stopped out so we will avoid the long side for now.
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...
Price reached projected Wave (iv) level 23.8% retracement. From here it should go down for Wave (v). Minimum target 87.51, even more depending on price development.
We have completed Wave (iii) and now we are going up for correction. Given the fact that wave (ii) was 90% retracement and Wave (b) of Wave (iii) was 58.6% retracement, Wave (iv) should be very shallow. 23.8% retracement is very likely (but allow 33.3%). From 94.49 fibo level (also 94.53 Murrey Math level) short set up should be considered.
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
We are out with a loss and will wait on CL to setup again.
We are short...and taking heat. Our targets are posted. 92.50 (continuous contract) is acting as the line in the sand.
The second probe down to the major support level held and broke to the upside hard. We will look for entries on this pullback around the 93.20 area. If we enter we will post our targets. On the watch list.
Still waiting for the last leg to 88.48 (or even 87.24) to turn up.
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