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Elliottwavecrudeoil

USOIL - 5th wave short or a Wave 4 Failure for LongUsing our Elliott Wave Indicator suite for the TradingView Platform we have to potential setups for USOIL intraday. Firstly and the mot probable is a 5th Wave Short through $53.50 with a $50 target in our automated 5th wave target zone. Alternatvely if we get a wave 4 falure up through our red zone (probability pullback zones) we will be looking for a long counter trend trade. This is an example of using the rules within our Elliott Wave Indicator suite strategies to identify circumstances for both Trend and counter Trend Trades. Watch the video tour of our Elliott Wave Indicator Suite for the TradingView Platform >>>>HERE<<<
TVC:USOILShort
by xBratSoftwareSolutions
1
Price Approaching Strong Resistance Area Hi, I just came back from a long holiday since November last year. I hope you are all in good shape physically, mentally and spiritually. May 2019 be an excellent year for us raking profits from the oil market. :) The price of crude oil is moving above the Daily 9 EMA (pink line) and also the EMA 21 (blue line) and EMA 34 (black line). That should give us a crystal perspective on the current trend: UPTREND. Unfortunately, price has reach a cluster of resistance areas. The bearish divergence at MACD's histogram is giving us a hint that price is lacking the bull momentum. Those who swing trade should take some profits and trail their SL to break even. I'm not sure price will fall down and break below 42.36 (continuous chart) or not because right now, I can see 2 possibilities of wave count:- 1. This is a start of a new uptrend, where right now price is making an impulsive 5 leg upward moves or... 2. This is just a big retracement, where price is completing wave C and then price will plunge further down or it will make a complex correction (double/triple tree) before continue to fall. In my opinion, the bulls shouldn't be too optimistic that the long term trend had emerged and price is rocketing up to the moon. At Daily tf (continuous chart), the MACD lines are still below the zero line, although the histogram is above it. In retracement phase, that MACD's pattern is normal. More confirmation needed for anyone to be ultra bullish on Crude Oil. Lastly, I would like to share a short term long setup that I missed this morning while I was sending my wonderful kids to school: Happy trading!
NYMEX:CLG2019
by TheDemonTrader