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Wolfe Wave

es 11-28 update ~good evening, quick update to one of the two bear cases i posted over the weekend. (post pinned at the bottom of this thread). --- es1! has been tapping at the local golden zone quite a few times recently, each poke results in a weaker dip which continues to get absorbed (accumulation). there's no notable bearish divergence present for now, in fact, we printed a hidden bullish divergence near the end of today - which validates in my mind that we're going to go higher. --- >watching 3910 as a local bottom into wednesday, >which is a heavy area of demand + a window of algorithmic confluence. >upside target from there sits at the original 4130 level, >with a slight chance to expand to 4190 if things get heated into the end of this year (short squeeze). --- ps. it's also possible that we've topped, but i personally have reason to believe that we haven't (for now). --- posts which led to this one 👇
CME_MINI:ES1!
by notoriousbids
WTI is seeking 83$technical view: a wolfe wave pattern completed also 5 wave impulsive is seen to be completed also a divergence on RSI it seems that WTI trying to reach its wolfe wave target as 83$ fundamental view: Tight supply concerns are being driven by another draw in U.S. stockpiles, OPEC+ output cuts and the upcoming embargo of Russian oil by the European Union. Worries about a global recession are being fueled by a sharp rise in the U.S. Dollar, which could dampen foreign demand for dollar-denominated oil. The greenback is being bolstered by a surge in Treasury yields, making the dollar a more attractive investment. Yields are being driven higher by hawkish commentary from Fed Chairman Jerome Powell who said on Wednesday it was premature to consider pausing rate increases.
TVC:USOILShort
by MtICHI
17
wiat until 90 $ break then go long for 92.45The major bullish influence on prices over the near-term will be the OPEC+ production cuts and the EU embargo of Russian oil. Unfortunately, instead of having a bonafide rally, crude oil prices are likely to remain rangebound because of the ‘noise’ in the market ahead of next week’s Fed interest rate decision. if the Fed will trim the pace of rate hikes in December, the market will be free from some of the ‘noise’. This will allow traders to focus clearly on the true supply/demand fundamentals. We see a bullish trend developing in crude but we may have to wait until after November 2 before we see enough buyers to sustain the upcoming rally.
FX:USOILLong
by MtICHI
a double bottom pattern confirmed if neck brokenTraders will get another piece of the current inventories puzzle at 14:30 GMT when the U.S. Energy Information Administration (EIA) releases its weekly inventories data. Traders are looking for a crude oil draw of about 300,000 barrels. An unexpected build will be bearish for crude oil prices, while a deeper than expected draw could fuel an intraday short-covering rally. A rise in crude oil inventories will reinforce fears of a global recession that would cut demand. This is potentially bearish. However, losses will likely be limited due to upcoming supply restraints. In November, the recently announced OPEC+ production cuts will begin, while in December, the fresh European Union (EU) embargo on Russian energy products will be strictly enforced. Our work suggests that the longer the markets remain in a trading range, the greater the chances of an upside breakout in November and December, once the impact of the OPEC+ production cuts and the EU oil embargo is felt.
FX:USOIL
by MtICHI
over 85.64 WTI is bullishHello traders price over 85.64 is seen as bullish so for bullish scenario the focus should be on tightening supply. The factors influencing this narrative are the OPEC+ production cuts, the EU embargo on Russian energy products and falling U.S. stockpiles. All of these factors appear to be weighing on worries over recession-driven demand destruction and the release of SPR crude. the SPR release announcement made earlier in the week is likely to keep a lid on prices over the short-run. But once its impact is over then sentiment will turn bullish because of supply restrictions from OPEC+ and the EU embargo on Russian crude. A harmonic pattern is also seen with a wolfe wave pattern to get better confidence in bullish move
FX:USOILLong
by MtICHI