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
Crude has bounced nicely after a test of the major support area. We are watching for a short entry around the wedge breakout. If crude decides to take out the major support then we could see a nice move down to the 88 area.
Even though i still favor one leg down around 90.14/20, current bullish development requires to take alternatives in consideration.. Better to watch to clear the situation
No bounce for crude so it will go on the watch list. The next area of support is the 91.50 - 92.25 area. Don't try to catch a falling knife. Crude can rip your head off and drain your account if your not careful. Wait for the knife to stick in the ground. We will watch the next support area.
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 -...
buy crude oil @ 97.15 with the stop of 96.40 and target 98.30 then 99.20
these technical levels has been created on my professional charting system so kindly ignore this chart and follow the level.cause i don't find photo attachment facility on this website.
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...
Building from the last chart;
two possibiities remain open...
A bearish contracting triangle
that will extend the C wave and
take crude below $100 and
probably even more...
or then an alternate count would be bullish
possibility of a butterfly forming at 104.54-105.39;
which will also mean the completion on the 5 wave
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...
