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Crudeoilwti

Crude Oil Elliott Wave IdeaUpdate to previous WXYXZ idea > I probably shouldn't get too hooked on the idea that this pattern appears the same as the one back in June as I could end up missing what's actually going on. Below is the period between 18th June and 21st June with what appears to be a large extended flat correction with B wave a WXY > Y extended 1.414 of W to complete B then C down to the 1.272 extension of A. Since last Friday we appear to have a similar structure and today could be B wave > Y of B extended to 1.272 of W to complete what could be B wave, and potentially now C to the 1.272 extension. If it goes much higher I will have to admit defeat in my battle to master WXY and WXYXZ corrections :)
TVC:USOILShort
by Joseph_King
2
Crude Oil Elliott Wave IdeaExcuse the long post, it's Saturday, the market closed and too much coffee this morning :) I just wanted to share my analysis and why I believe Crude Oil can reach the $78 level; this is an update to a previous theory There are notes in the chart with reference to the daily MA20, the similarities between the drops from 7290 and 7520 and the daily candle pattern and below smaller timeframe wave analysis. Through 18th and 19th June (highlighted in the box in the below chart) there was a 5 wave impulse move upwards followed by a correction (WXYXZ) to the 0.618 level > If you compare this movement to 2nd and 3rd August the same wave pattern is there > 5 waves up followed by a complex WXYXZ to the 0.618 level; I theorized at the time that it was just a WXY > but it turned out to be much more complex even though the same expected level was met at 0.618. After 18th June first impulse up the correction appears to have been an expanded flat with C wave terminating at the 1.272 extension > Wave 3 then went on to the 3.618 extension moving up $9 from wave 2 termination point > I think its very hard to predict such a correction pattern but if early next week plays out in a similar way to the days following 18th and 19th of June we may have completed wave A on Friday and we're now in subwaves of B, possibly in WXY > It could mean a double bottom before going up for the big wave 3 > Smaller timeframe idea here >
TVC:USOILLong
by Joseph_King
Bullish reversal still in progress. 67 support solidified. Long.The first curve reversal pattern failed (dotted) as Wednesday's bearish Inventory build knocked down the price just below the previous 1D support level at 67.00. The move began its pricing the day before indicating that such fundamentals are now typically priced before the reports (indicating that the dominant trend can be identified as opposite to speculation). Despite the oversupply, the 67.00 support was quickly bought and solidified, indicating that the underlying long term trend is still bullish with 1W RSI = 54.669, MACD = 2.450. Despite being near the 67.00 support level, 1D remains neutral (RSI = 47.301, STOCH = 48.472, Highs/Lows = 0), indicating that a bottom has been made. The goal for this week's closing is to rally as much as possible and ideally hit the 0.382 Fibonacci level at 70.76. Our targets remain 71.88 and 72.86 in extension.
FX:USOILLong
by InvestingScope
1
Crude Oil Elliott Wave IdeaUpdate to previous idea > Crude appears to be in a triangle for what could be wave B. Possibly in the final leg (E wave) as per below charts: The details of ABCDE pattern: The details of E wave; you can see what appears to be 5 wave structure up from the bottom which halted at .618 extension of wave 3, possibly the end of A wave, before B to .382 level, then C to the .618 extension of A around $69,26, or possibly the 1:1 extension $69,58. From there we may see a big bearish leg down. After completion of E wave possible to see the final leg down to the .382 or .618 extension (the .618 extension lines up nicely with the .382 correction level around $64 (although this could be coincidence)) to complete wave 4 as per my previous theory, then the next bullish leg (wave 5) to $80+ > It is worth noting that there are alternate bearish theories that have this current structure as either wave 2 with wave 3 down coming to around the $55/$61 area so if you are shorting from these levels it might be worth holding onto one for lower levels. I personally do not feel like Crude Oil is ready to plummet to those levels yet but anyone with a sound Elliott Wave Theory can be right :)
TVC:USOIL
by Joseph_King
7
Crude Oil Elliott Wave IdeaI was asked in the last chart what my views were on larger timeframe so here it is. There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this level). Some details of purple wave 3 can be found here > If you look at purple wave 2 you can see it bounced exactly at the .382 level then up to current levels. Details on purple wave 2 below, some nice Fibonacci levels within that WXY made up of ABC legs.
TVC:USOIL
by Joseph_King
3
CrudeOil Bullish Structure ConfirmationHere we go again! Crude oil's super mega uptrend looks to continue! Last time we saw a trend like this was 2009, and it's a long time coming after the major declines in 2014. Quick summary why I'm bullish in the next weeks: 1. Overall bullish trend 2. Consolidate and form a higher low 3. Failed breakout lower, breakout higher My next target is 75.50, and if we really move then 80 and 90 are still possible. The announcement of OPEC's higher production limits this Friday potentially puts a limit on the overall trend. Higher production with relatively constant demand (I mean we didn't just start needing 600k/day barrels more oil overnight) should weaken price. Will need to see this in the charts before I give it much weight. So what do you think? Am I crazy to be so bullish? We've already moved so far...will it keep going? Share with me your charts, ideas, and comments! Love to hear other traders opinions! Peace, love, and sweet bamboo, tbp Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
OANDA:WTICOUSDLong
by TheBadPanda