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USOIL - Next leg in prices to start soonAfter 5 weeks of consolidation, the next leg in oil prices could be starting either this week or next. My bias is for an upward break out of the recent consolidation range of 57-61, If that occurs, i have upside targets of 63.5, 69.5, and 73. The time frame for completion of this next leg higher is approximately late June to mid July. A close of above the orange area noted would give me increased confidence in the ability of price to achieve my upside targeted range (noted in green). Alternatively, a daily close below the recent lows of 57 would negate this target within the specified time frame. This would also increase the chances of hitting down side targets of 53 and 49. I have also include a comparison to the 2008-2009 time frame as this collapse and recovery has acted well as a guide to the current move. Both time frames have exhibited similar patterns in price, momentum, and seasonality throughout the move lower and subsequent bottom. Should this analogy continue, this too would support oil hitting an upside target of 69-73 this summer.
FX:USOILLong
by SMP99
6
$CADJPY - Strong Possibility #BOJ will revise outlook higherFundamental thoughts: CAD is still weak and following WTI closely. Poloz has suggested it will take some time before CAD econ will strengthen. This rally on CADJPY is caused by strength of WTI. With WTI looking like it is finally showing signs of the rally slowly losing steam. This could be a chance to get short on CADJPY. BOJ will be speaking today and we are looking for a revised higher outlook. This will be the first in two years. Technicals: On the chart. Strong top + 100 physiological number. + Strong Fib number resistance. Looking for a test of trend line and old resistance/new support.
Short
by workingtraders
6
Bearish Bat-man or a piece of crab?The pattern has been fulfilled ...out of market but looking for a potential short On the monthly chart WTI has reached a 88.6 retrace (See link underneath) I'm expecting some back and forth with the lady and tap dancing on the spot. This possible bearish bat could turn into a crab instead... but follow the notations on the chart. Take profit along the way Safe trading ladies and gents! @BLawrenceM If you find my charts useful - consider following me on Twitter. I do updates there on my TV-published charts and annonces quick scalp plays whenever found..
ULong
by CoinedByCrypto
10
Became never a valid pattern !Became never a valid pattern. It was made in the early minutes after little swing up. B Leg exceeded the 61.8 and later the 78,6 and went for a test of latest swing low. ------------------------------- It's in the early minutes of a possible Bullish Gartley.... BUT... and there are several BUT(T)s that still can twerk this pattern apart. Nothing is for sure yet! We have to see where the C-leg ends and for that matter also counting in the B-leg as well. We don't know if the B-leg is in yet ... but if it is ...a Bullish Gartley could be the outcome or at least a bullish harmonic pattern with a deeper D-leg. Safe trading ladies and gents! @BLawrenceM
ULong
by CoinedByCrypto
2
A Possible Bearish Shark ....No longer! See Comments why!If reversal here at the 2.90ish and a gap close there is a possibility of a Bearish Shark ------------------------------------------ Have sold at the second spike at 2.14. Entry was at 2.89. It looks more bearish now. No follow through and a full retrace of spike. I doubt we'll see the Bearish Shark. Next possibility is a Bearish Cypher. That will retest the 1.272 or a test of recent lows at the 1.618 fib. I could see that coming with a close under 2.89. I'll will re enter on strength ! Safe trading here ladies and gents! _________________________________ Time will tell Safe trading ladies and gents! @BLawrenceM
U
by CoinedByCrypto
8
Oil "Going higher" ?First of all Bull flag! Many E-wave combinations right now .... this is though what I see the most ... "We're going higher" testing red overhead resistance So the chart is subject to changing wave count! Not altimate count! Have to clear EMA 34 and the the sky is open for the test, but price will maybe stay there for ½ to 1 hour before ema13 have moved closer to a cross over. Price can even retest the blue line again! So nothing for sure ... but my best guess right now. Positive divergens on RSI and AO indicator Safe trading ladies and gents! @BlawrenceM Music at work: www.youtube.com open.spotify.com
ULong
by CoinedByCrypto
7
"Caught up" in MA's rhythm .. Dancing shoes off the shelves!!! For me...a lesson was learned today ... Have to do the TA on the security instead of the derivative. Oil looks ok see USOIL chart below: -------------------------- Futures are decisively lower after close of market than the lower trendline drawn in. So last chance for the E wave count would be to attach the lower trend line to the B-leg wick that gives a tolerance for a drop to the 3.20. See chart below It would take a "good" API report to bring it up closing the gap..... and go further!!! ---------------------------------------- Written yesterday before close ---------------------------------------- Seems like E is done today and wave C up can begin. Due to the negative sentiment.... we could see a gap up tomorrow. That would spark the short squeeze needed to get oil up to target.... wave 4 of lower degree. Low risk entry with a stop at 3.32 Safe trading ladies and gents @BLawrenceM Music at work: www.youtube.com open.spotify.com NB The white B is missing at the top of 4.13 (see chart underneath)
ULong
by CoinedByCrypto
6