On the 4 hour chart I see the following bullish signs: Red W3 and W5 was made on a positive divergens Orange W1 was 5 waves up Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common) EMA 13 has crossed EMA 34 The count above is the very bullish...
Crude oil is making new grounds with it soon to come with its reverse pull back, same thing happened in 2009 although there is a possibility that crude can slide to support at 40$. either way i will be easing my way into a positions using the ETF UWTI which is priced very cheaply at 3$ a share. also a big shout out to @Ricker for showing me UWTI
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
I see a bottoming process here for crude. For the first time since the june 2014 decline began the ma's are flattening and even the 50 ma is pointing up now (50ma not shown) The bollinger band is narrowing in and todays price actually stopped at the lower daily bollinger band. I'd say price has set in the low on the 13th of jan and has completed it's first wave...
The C-leg in a Gartley harmonic pattern seems almost done and D-leg ready to go. In the very short term I'm bearish... but will become almost "all in" bullish with a decisive move off the bottom. If you cast a glance at my other chart on $USOIL l've made by using the Elliott Wave technique - you'll see that the 1.618 extension of wave 1 comes in around the ...
Almost there ... have your dancing shoes ready! The question is...... at fib 78.6 or the 88.6 fib retrace? I'd say we'll very soon see a bounce (remember it's a monthly chart) and a possible retest a little lower at around 42. BUT could make a possible bottom here. The instrument is right now more oversold than ever before when looking at the the monthly RSI but...
4th wave ongoing and 5th still in store. The 5th wave came but most of the action happen before market opened. It went as fare as to 4.00.
Have to surpass the 78,6 and the 88,6 retrace mark for becoming a bearish butterfly. I have taken ½ of my position off here and let the other ½ run for the butterfly top. I have an EW count on the chart as well. It does give guidance directly for the high but could become the case due to the 3rd wave will not be the shortest looking at the price action so far. ...
I'm long from 3.28 Only a small position as a start ...i could still be a falling knife. Stoploss at 3.23 Safe trading ladies and gents! $BLawrenceM