Crude Oil Elliot Wave IdeaSymmetrical triangle idea; may be completing E of the ABCDE pattern and a break out downwards.
Crudeoilwti
Crude Oil Elliot Wave IdeaLooks complicated (or messy) especially if you zoom out but focusing just on the white waves...
1.618 of wave 1 from 6230 to 6066 = 5963 which is roughly where the internal waves in this chart are pointing too >
Crude Oil Elliot Wave IdeaAppears we are in wave 4 right now, correcting the very large wave 3 down from yesterday. Wave 2 was very sharp and short so wave 4 should be extended.
The previous correction wave C hit 1.618 of A to 6190 area...1.618 of this A wave would take C wave to around 6120 before the 5th and final leg to sub 60. Price is struggling to break the 50% fib level currently though.
1.618 of wave 4 is $59,66 which ties in with the higher degree waves (I'll add that chart soon).
Currently short from 6224 and added one at 6188 before yesterdays bearish drop (the largest red 1H candle of 2018)
Crude Oil Elliot Wave IdeaNot really a serious trading idea...
Fridays rise (correction?) similar to the rise/correction after the drop from 664X to 636X back in late January, approaching the same trendline now, will a similar fall in price occur?
The structures are similar, the fall and correction, followed by a huge fall in February. Copying that fall in February (using Bars Pattern tool) to now equates to 1.618 of B wave, coincidence maybe.
Crude Oil Elliot Wave IdeaAn update on this idea >
I think we're still in the wave 4 shown in the above chart. Wave 4 touched wave 1 and started moving downward so might still be alive.
Possibly touch 6016 then correct before finally breaking out of the large triangle towards $58.
This move and the move from 6328 to 5995 are almost identical but current move is a smaller degree.
Still holding a short from 6224. 6208 was closed in profit and I have added two more at 6135.
Crude Oil Elliot Wave IdeaUpdate on these two ideas:
Looks like wave 4 correction now before another leg down to complete a larger wave 1. Depends where wave 4 ends as to where wave 5 ends so plotted some possibilities. Should get a correction for larger wave 2 once wave 5 is completed.
Crude Oil Elliot Wave IdeaMay be a bullish count to consider as part of this idea >
C wave could be a wave 3 and we're in the process of wave 4 now. I think that's what bulls might try to play out.
Currently holding short positions from 6222 and 6208 and planning to hold for my bearish theory to sub $60.
Crude Oil Elliot Wave IdeaA zoomed in view of what I believe to be wave 2 correction as per this chart >
Please read the notes here as I couldn't post a 5 minute chart on Trading View so I put notes on my chart from Investing.com > invst.ly
Based on internal waves 6230 area could be the completion of C wave.
Friday was undoubtedly bullish but in my opinion it could be a rapid wave 2 correction before the next leg down; invalidation point is 6327 (wave 2 crossing wave 1)
Crude Oil Elliot Wave IdeaSlightly zoomed out view of this chart >
5 waves down leading to 5995 had near perfect fibs; 1.618 of wave 1 for wave 3, approx. 0.618 of wave 1 for wave 2 and approx. 1.618 of wave 4 for wave 5.
Strong bearish trendline approaching which could be the turning point for Fridays rise.
Crude Oil Elliot Wave IdeaA zoomed in view of what I believe to be wave 2 correction as per this chart >
Please read the notes here as I couldn't post a 5 minute chart on Trading View so I put notes on my chart from Investing.com > invst.ly
Based on internal waves 6230 area could be the completion of C wave.
Friday was undoubtedly bullish but in my opinion it could be a rapid wave 2 correction before the next leg down; invalidation point is 6327 (wave 2 crossing wave 1)
Crude Oil Elliot Wave IdeaUpdate on this idea >
I think the chances for a move up from here are slim, looks as though we are in a large correction from 6666 to 55 area.
Wave A and B have completed and what looks like wave 1 of 3 of C completed, may now have a correction for wave 2 of 3 of C before what is normally a brutal selling wave (3 of 3).
Crude Oil Elliot Wave IdeaVariation on the previous chart, a 5 wave count that is already completed, suggested by a friend...which fits with a potential head and shoulders, correction to 0.618
Crude Oil Elliot Wave IdeaLooks like we're in the 5th now to 5933.
Perfect fibs hit so far, 1.618 of wave 1 for wave 3, 0.5 of wave 1 for wave 2, 0.5 of wave 3 for wave 4...now potentially 1.618 or 2.618 of wave 4 for wave 5.
I think there we will see a big correction before continuing downwards.
Crude Oil Elliot Wave IdeaLittle update to this idea:
I think A wave is complete (it bounced from 0.382 as per this idea > )
If it is we may correct to the same level as the smaller degree white wave 4 around 6320 (.618 is there too), just as the white wave 4 corrected to 6330 area, the same level as the smaller degree wave 4 (blue waves).
Next could be C wave (or wave 3 in a more bearish count).
Crude Oil Elliot Wave IdeaIntraday idea.
Looks like 5th wave down to complete at 6236 before correction to 50% fib around 6330 (back to wave 4 and trendline test), before next leg down.
Crude Oil Elliot Wave IdeaThis morning crude fell outside of the giant wedge for the first time.
In my opinion two possibilities from here.
1. A correction to 0.618 before wave 3 up towards 68.
2. A deep correction to 54 area.
Weekly MACD looks to be crossing down...
Crude Oil Elliot Wave IdeaPotentially another bull flag forming.
Previous flag bounced first at 0.328, then again at 0.5.
If this is another flag its hit 0.382, may hit 0.5 next which coincides with bullish trendline, before breakout to 65+
Crude Oil Elliot Wave IdeaI had posted this idea on 1H but got it wrong:
Seems there was and ending diagonal wave 5 for the end of wave 3 which was then followed by a bounce at 0.382 for wave 4. Looks like we are in wave 5 now, possibly one more leg up early next week to hit 1.618 of wave 4 around 6381, but there is a possibility the wave will continue on to 2.618 at 6570.
This may all be part of wave 1 so correction should happen if it is before up for wave 3.
Crude Oil Elliot Wave IdeaAn update to several recent and older ideas on Crude Oil:
I believe we are nearing the end of wave 1 of 5 and if so could see a correction to mid 60's to 0.618 fib, but could correct higher at 0.382 or 0.5. Wave 3 should follow the correction to at least 1.618 of wave 1. Ultimately I think wave 5 will hit 1.618 of the larger wave 4 (6666/5809) around 72.
Daily TSI and daily MACD both bullish and the bullish Harami I pointed out last week seems to be having the desired effect:
Check out previous weekly bullish Harami, more green follows :)
Crude Oil - Bullish?Just some notes scribbled on a chart.
Fairly obvious that I am bullish with crude oil based on recent previous charts, but there are other technicals that seem to be pointing to more upside from here.
Crude Oil - Bullish Harami?Not a candlestick pattern specialist but looks like a text book Bullish Harami on weekly; the green candle body formed last week is completely engulfed by the red candle from the week before.
"The Bullish Harami is a sign of disparity in the market’s health. The market is characterized by a downtrend and a bearish mood, and there is heavy selling reflected by a red body, which further supports the bearishness. However, the next day prices open higher or at the close of the preceding day and the short traders are alarmed. This leads to the covering of many short positions, causing the price to rise further. The latecomers short the trend they missed the first time, and slow down the rise. Thus, a smaller green body is formed. This may signal a trend reversal since the second day’s small real body shows that the bearish power is diminishing."
Crude Oil Elliot Wave IdeaTheory for crude; possibly in the right shoulder of an inverse head and shoulder and sub waves of a larger wave 3.
Potentially a double bottom and bounce off strong bullish trendline.
The trendline that forms the neckline has been very resistant, if it keeps price in check it could potentially fall and correct to around 0.618 at 5950 ish before resuming upward.
