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Crudeoilwti

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