5 waves completed this idea explains that crude oil has completed 5 waves and should go to below 48.50 level !
CL
CL - Crude Oil found support at the CenterlineIt looks like the Centerline give support for CL.
If it holds, then we can see a potential Test/Retest up to the L-MLH, the line which was broken to the downside.
Short term long.
P!
potential good long trade opportunity in this chart , looking forward to a reversal in the crude oil market . with potential target up to 48.50
USOIL: Expanding on the analysis$USOIL has given us further clues with the recent developments. After the futures expiration, we had a big drop, but bulls supported the price before hitting levels that would put the rally in danger in the short term. We now have an active uptrend in the daily, and the end of a short term daily downtrend today, which indicates to me that we will see immediate upside in oil. If you for some reason aren't long, you can definitely join longs here, or on slight dips, and aim for the targets on chart, at least. This might end fulfilling a monthly uptrend signal, which could propel oil to the upper 60s, to even $100+-5 as an extreme target.
Check out my previous publications, I have been moderately on point, capturing the extremes of the range, and I think now we might be able to catch the next trending leg, let's wait and see.
Cheers,
Ivan Labrie.
USOIL: Long term and intermediate term viewI'm holding oil longs, and exposure to oil via correlated equities, and looking to ride the upcoming trend. It is likely to see a breakout in the short term, this might ignite a monthly, and potentially quarterly uptrend continuation signal. This falls in line with what the quarterly downtrend suggested, time and price wise. The price target was exhausted ahead of time, and after that we saw a strong rally, and for a long time, we have been in a consolidation and accumulation phase. The expected time to consolidate before rallying was reached now, so, it is highly probable to see a massive rally in oil from here onwards.
Daily charts show an already active uptrend, and a continuation signal after a pullback. Bears might get squeezed in little time. The potential upside is huge, so, don't miss it. If you didn't buy oil yet, you can try buying on dips, or at market open, and averaging in for a couple days with a wide stop under the recent lows. Energy stocks are also a good idea, you would have to do your own research here, but, focus on companies that have strong correlation to oil prices.
Best of luck!
Ivan Labrie.
Short Crude OilThis is the intra day tick chart. There's are my first trading view publications so please have patience while I learn their system. Hope you all have successful trading!
This level critical for oilIf 47.50 doesn't hold, the price could re-test 42.50, otherwise move higher..
trading cl with EW , possible scenarios update , exited long postrading cl with EW , possible scenarios update , exited long pos
STRONG SHORTPublished this idea last night but was put private the will be a very slow profit taking to the downside.
Crude oil is in a good position to make a rally.The main idea is to buy oil futures. This conclusion was based on Elliott wave principle. I hope you know basics of this type of techical analysis, if not i suggest you to read elliott wave principle by Robert Prechter.
Lets come back to chart. Overall I suspect that we will see strong impulse move, that will end 4th wave and than we will see new bottom near 15 usd. The timing is always hard to predict, but depends on wave relations, its should take 2-3 years before we will see 15 usd per barrel. Yeah its a long run, but we have nice opportunity to enter a nice trade now, in the last move upside. I think that 4th wave of a big move down that started from 2011, will take form of a combination: zigzag - flat. We have already seen zigzag and AB of flat, now i hope to see a good impulse move labeled C that will end 4th wave.
CL 4h Chart breakdownWe can observe CL is still in that bearish channel but the price has now created what I believe a highly bullish wedge. Price targets marked as per fib retracements. If we do get a break to the downside, please watch 43.50's area as a buy opportunity.
CL - Crude is outside the fork and could hit $43 soon.The current bar could be the re-test of the L-MLH.
This would indicate a further drop.
Taking the prior angle of price flow to find the potential target, the number would be around $43.
P!
Cl strong longIt's time to throw sellers out of positions
Trade without indicators and trend lines is realistic
What Is Going On With Crude Oil ??Not sure what to make of crude at this juncture. It looks like oil is riding towards 58 i.e the channel top with a CCI divergence to support that case. But the risk of breaking lower is still very present. Any idea guys?
Top of a trading channel - Will it close below 2400? SPX rallied today to new record high but it is now threatened by falling Oil prices.
Pay attention to the top of the channel now. Should act as resistance.
A close below 2400 can generate a weekly false breakout.
Low risk, high potential reward
CrudeOilWe have brokeout the strong channel and now support line became ressistance line. Waiting for continue the trend.
