USDWTI (Oil)
Updated
First we got a pretty good resistance with a double top, which means we have a possible 2618 trade:
- double top
- measure impulse
- wait for retracement at 0.618
Double top + 0.618 = 2618 technique
I measured bearish impulse so I could confirm areas with some Support & Resistance and we can see how each pattern or consolidation was formed around those areas, even fibonacci retracements respect those areas.
Also used some Support & Resistance on MACD to confirm divergence.
BAT PATTERN
-Left Leg
At first there's an ABCs formation right at where bearish Bat Pattern began, we can see how it went bearish forming an Elliott Impulse with 5 clear points and each consolidation that was formed respected fibonacci retracements.
-Right Leg
After an Elliott Impulse there's always some type of consolidation, which is exactly what we got with that double floor at the bottom, right after that retest it formed a pullback that I measured with Trend-Based Fib Extension, we can se how 1.618 - 1.414 area is exactly around bearish area.
We got 0.886 -0.786 area from Bat Pattern, 1.618 - 1.414 area from Trend-Based Fib Extension and 0.618 from 2618 technique all at the same area!!!
Good Trading. -1h Chart
- double top
- measure impulse
- wait for retracement at 0.618
Double top + 0.618 = 2618 technique
I measured bearish impulse so I could confirm areas with some Support & Resistance and we can see how each pattern or consolidation was formed around those areas, even fibonacci retracements respect those areas.
Also used some Support & Resistance on MACD to confirm divergence.
BAT PATTERN
-Left Leg
At first there's an ABCs formation right at where bearish Bat Pattern began, we can see how it went bearish forming an Elliott Impulse with 5 clear points and each consolidation that was formed respected fibonacci retracements.
-Right Leg
After an Elliott Impulse there's always some type of consolidation, which is exactly what we got with that double floor at the bottom, right after that retest it formed a pullback that I measured with Trend-Based Fib Extension, we can se how 1.618 - 1.414 area is exactly around bearish area.
We got 0.886 -0.786 area from Bat Pattern, 1.618 - 1.414 area from Trend-Based Fib Extension and 0.618 from 2618 technique all at the same area!!!
Good Trading. -1h Chart
Note
Pattern still active, price has been doing some correction, we can see consolidation between 1.272 and 0.382.MACD respected each retracement
Good Trading. -1h Chart
Note
Inside bearish areaGood Trading. -1h Chart
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Expect some consolidation inside area before bearish impulseGood Trading. -15min Chart
Note
ABC formationI measured impulse by placing 0.236 at top of consolidation and we can see how point C bounced at 0.618
Trend-Based Fib Extension shows 1.27 exactly at 0.886 from Bat Pattern
Good Trading. -15min Chart
Note
Bearish areaGood Trading. -15min Chart
Note
Trade is active!Good Trading. - 15min Chart
Note
Note
Made another ABC formation before reaching 1.618!Good Trading. -15min Chart
Note
New StructureGood Trading. -15min Chart
Note
Price broke resistance at top and formed a perfect Running Flag (2618 in 5 min) for bearish continuation, I measured bearish impulse by placing 0.236 right below consolidation and we can see that perfect 0.618 at top where trade began, now TP is at -0.27 which is really close to Bat Pattern first TP.Good Trading. -15min
Note
2618 in 5min!-double floor
-measure impulse
-wait for retracement at 0.618
Double Floor + 0.618 = 2618 technique
We can see how there are 5 clear points inside impulse, which gave us our resitance at top where 1.618 is, also Ending Diagonal completion at 0.786
Good Trading. -5min Chart
Note
Pullback for bearish continuationGood Trading. -15min Chart
Note
Pullback retraced at major retracement 0.786 for bearish continuation.Good Trading. -15min Chart
Note
A flag was formed after pullback for bearish continuation, I measured bearish ABC by placing 0.236 and knew consolidation had to be inside 0.5 - 0.236 for bearish impulse, it melted at top all the way to both -0.27 (1.618 near it) and gave us seccond take profit at 0.382 from Bat Pattern.Good Trading. -15min Chart
Note
Almost reached 59.95, but price gave us a pretty good support around 60.50 - 60.30Bat Pattern has been completed
Good Trading
Note
Possible flag for bullish impulseI measured impulse by placing 0.236 at top and got 0.618 at the bottome where it bounced, I expect price to reach -0.618 where previous 0.618 is.
Good Trading. - 15min Chart
Note
Still possible bearish impulse for major consolidation at bottom supportPlan A
Plan B
Good Trading. -15min Chart
Note
Plan B happened for major consolidation, it went down to previous support for our retest and bounced, I measured bullish impulse and I get same area for -0.618, so I expect a tiny scalp up trendGood Trading. -15min Chart
Note
New structure with 2 possible scenarios.Plan A: tiny bullish impulse at top for better resistance, but MACD shows divergence
Plan B: consolidation is inside bearish ABCs, which it could be bearish at point C for major consolidation, also MACD shows divergence on previous resistances, which gives possible bearish impulse
Good Trading. 15min Chart
Note
Bullish Impulse reacted and formed ABCs consolidations for bullish continuation.Good Trading. 15min Chart
Note
Note
Bat Pattern completion and 2618 trade in 4h Chart2618
- double floor at the bottom
- measure impulse
- retracement at 0.618
- TP at -0.27
Double Floor + 0.618 = 2618 technique
Good Trading. -4h Chart
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