The next few days Crude Oil may perform a good correction based on rumors of production cut. But overall trend is still bearish. Around 39$ sellers may come into play. Although, in my opinion bottom is near. I'll be following Brent chart, because there technical picture more clear than WTI. Share your thoughts about WTI.
The decline from 1.5930 could resemble a large ending diagonal, but the first part from 1.5930 to 1.5107 is more likely a leading diagonal and that could explain the downside acceleration we are starting to see. I'm look for a decline to 1.4166 as the next larger downside target.
My last oil chart posted some 10 months ago anticipated a drop to 35 area in 5 wave decline from Aug 2013 high (chart link below). That has been met and some. Some details have changed from last chart but not in the way that would make significant difference, therefore, I will not repeat the thinking behind my analysis, but rather focus on what I think appears...
Possible retracing to could occur very soon. Keep in mind it will be counter trend down movement until breaking monthly trend line support but there are pips to be gained from shorting! I'm looking for long trend to continue for well over 1400 pips to the upside after this retrace to 195.00-200.00 price 200+ pips to downside in the meantime...Good luck
If you don't consider the internal structure (note1 and note2), then this is the end of the short 5 waves. And from here after already has a wave correct structure of the ABC (3-3-5). Combining the above judgment, will enter a new situation in short. If we consider the internal structure (note1 and note2), think it is a long before failure 5 waves (note2),...
The last chart shows the location of the market in a long-short watershed, as expected after chose the short, and has a Leading-Diagonal in wave 1 of C EP @ 1.095 SL @ 1.080 TP @1.175 Reward/Risk>6.5 4H chart 1D chart
Today's sharp north move of #EURUSD gave another possibility. As anticipated by many professionals, March low of world's most traded pair may be the bottom and beginning of new bullish era might be in place. If this expanding leading diagonal fulfills the conditions in coming days, we will see a very sharp and steep correction downwards ending near (before) the...
Last night, we posted about the potential for a leading diagonal on the EURUSD (see the notes at the bottom of “EUR Analysis Prior to Greece Referendum Vote”). The pair has continued to play that tune which implies: • A tradable low is in place at 1.0915 which coincides with scenario #2 in the “EUR Analysis Prior to Greece Referendum Vote” (see green notes on...
GBPUSD was forming a rising wedge or a leading diagonal for elliott wave 1 or A which is followed by a sharp correction. One can short the pair and look for targets around 50% to 61.8% retracement or wait for a long opportunity after the correction is over for a Wave 3 or B wave. Lots of trading opportunity coming up on this pair. Happy Trading!!
Hello again, I'm witnessing a perfect, textbook Wolfe Wave setup in our greatest pattern forming pair, EURUSD. It's basically a Leading Diagonal, which means it's a First Wave of a new Five Wave down move. But as Elliott suggests, there would be a sharp and fast correction after this 1st wave completes. I've counted the internal waves and as the 3rd wave iii...
Now money flow hasn’t get out of Europe union. Although Europe central bank officials don’t satisfy with high ratio of EURO between USD, Europe center bank don’t take part in QE until July. We all know that the United States economy has already get better, but FED officials worry about low CPI. Economic expansion must require a higher CPI. United States...