1. I'm expecting price to retrace until the 50% area. 2. I'm waiting for a reversal candle (hammer / bullish engulf / bullish piercing) at 4H. After that, I'll zoom in to 1H time frame and below to do the wave count for the subwaves and entry long at the best possible price. An alternative way is to simply entry at market price once there is a reversal candle at...
This method will save your time to determine where are the powerful S&R levels for any instrument. It can be used for the continuous chart or the monthly chart. It will also help you to entry, set the stop loss and profit target levels, even if you are using other methods such as Elliott Wave Theory, Harmonic Pattern, Market Geometry (the pitchfork), Demand &...
Targeting price to rebound once it has reached the yellow box area on the left that coincides with the 61.8% retracement and 161.8% projection levels. Must watch closely for reversal signals once it reached the prior levels at 38.2% and 50% levels too. I'm expecting price to resume for uptrend soon. MACD bullish divergence and crossover might help to confirm...
Some countries (i.e Malaysia) are making a smart move by pegging the retail oil price when crude oil was at around peak of wave 4 of C. That will bring extra revenue for the country at times of turbulence (but at the expense of the people).
The red arrow is the next target, I believe. The long term target, I have posted it at the "Monthly Wave Count for Crude Oil" analysis below. These are just probabilities. It might go higher/lower than I've forecasted.
I believe Crude Oil is in the midst of completing Wave 2 of 5 of C. My target for subwave Y of Wave 2 is at 68.11 area (Wave Y = 161.8% of Wave W). My justification for the target is base on the wave count for WXY of Wave 2 as shown below. Once Wave 2 is completed, I'm expecting a substantial fall for Wave 3. The target for Wave 3 is at around 54.17, which is...
The current price movement could be the BIG B (with subwaves abc in it) of wave 4 or it could be the start of wave 5. Nevertheless, it's impulsive (5 legs). The plot are just for the nearby targets. The targets in the white boxes could be lower/higher. Those are just high probabilities.
Thanks to @manish_damani for his comment on my previous post entitled "Monthly Wave Count For Crude Oil" This chart is an alternative wave count for my previous chart: There is a solid ground that we are around the top of wave 5 of wave C, instead of wave 3. The reason is...there is an ending diagonal (refer to the turquoise converging lines at the right side...
This idea is valid ONLY if price breaks 70.66. If price doesn't break 70.66 and rebound, my preferred wave count is still this one:
I believed we are in wave 4. Wave 4 can be a double / triple tree. That means it is possible we are still in the subwave c of A. Soon, wave B will start. Bearish divergence at monthly, weekly and daily tf are so obvious. Be careful for those who are thinking that price will keep on going up until USD100. Anything is possible in this world but...let's be practical. :)
X went higher than top of wave 3 (green in bracket). Y made 5 legs (impulse) but didn't went down below W. And then price kept on making higher highs. That should gave us a hint that wave 4 was a running flat. Look out for the confluence of fibo levels in the white box and the blue horizontal line at 72.70. That might be the next target.
I believed Wave 5 of 5 had started. The first target should be 38.2% (yellow fibo level on the right). Need to check for confluence with the white fibo levels on the left and count your wave at smaller tf to estimate the peak of wave 5.
There is a possibility that wave 3 of wave 5 of Wave C in Wave 4 has been completed. We can wait for wave 4 to bottom and long again. I don't expect price to climb much further. You can check the momentum at Weekly tf. Bearish momentum is obvious at weekly tf.
1. Crude Oil achieved the Wave 3 fibo target; 261.8% of wave 1. (refer to white fibo levels) 2. Since Wave 2 retraced 78.6% of Wave 1 (refer to turquoise fibo level on the left), according to Elliott's alternate rules between Wave 2 and Wave 4, I am expecting Wave 4 to retrace to 50% or 61.8% (refer to yellow fibo levels on the right). Nevertheless, it is still...
1. Crude Oil achieved the Wave 3 fibo target; 261.8% of wave 1. (refer to white fibo levels) 2. Since Wave 2 retraced 78.6% of Wave 1 (refer to turquoise fibo level on the left), according to Elliott's alternate rules between Wave 2 and Wave 4, I am expecting Wave 4 to retrace to 50% or 61.8% (refer to yellow fibo levels on the right). Nevertheless, it is still...
Wave 4 was quite tricky. There are several alternative wave counts but I prefer this one because it adheres to all Elliott's rule. I hope the price will not break 66.92 as that will be a cut-off signal that Wave 5 of wave C of Wave 4 has started. Correction ABC might bottom at 38.2% (that's around wave 4), 50%, 61.8% and 78.6% areas.
Wave c of E might not be over yet. This is one of the possible wave counts.