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Wolfe Wave

a clear pullback on daily timeframe trendline with MACD div.price clearly pullback on daily timeframe trendline along with MACD divergence are signs of bullish move despite heavy fall down of previous week . so the lower line of the two channels could play a role of strong support to up the price European Commission president calls for price cap on Russian oil so this could interrupt supply from one hand and from other hand Iran JCPOA will be revived as French source announced that it will be concluded within two weeks to strengthen the supply .it seems that major European powers along with USA are planning to cap the price of Russian oil which is exporting 7.7 mbpd and if Russia stop export they replaced it with Iran oil which is full capacity is 3.5 mbpd to balance the market but not completely so if this happen we will see a possible supply weakening. we have also new interest rate hike hawkish announcement on September 20-21 which could be outweigh oil price
FX:USOIL
by MtICHI
7
daily correction wave count wave structure of USDCAD is crucial as it will give us an idea how USOIL will move these two pair and commodity is intensely and inversely correlated . USOIL is directly affected by USD and CAD so this USDCAD pair is always under scrutiny as some traders talked for it inversely now pair is in a huge WXY to complete its B bigger wave . there is a blue rectangle from which we are expecting that pair will start its bear move.so we will keep an eye on blue rectangle to follow waves. keep this scenario in my mind we get an idea for future WTI going ahead . i think that USOIL will make a WXYXZ correction for wave 4 according to USDCAD wave structure so we think that usoil will go up near 110-115 $ and then go down for 75 $ please share you comments thanks
by MtICHI
oil is in correction phase after completing 5 impulse waveoil is now in correction phase as it is making wave 2 of its bigger 5 wave impulsive wave fears of recession and lower demand due to aggressive central bank interest rate hikes are mentioned for the sudden shift to the downside as well as reports that Iraqi crude exports have been unaffected by domestic skirmishes. These events push prices higher the previous session. there is a lot of noise out there that comes into the picture when you start looking at the Iranian deal possibly allowing for more oil into the market, a slowdown in production, but at the same time we have OPEC suggesting they may cut. In other words, expect more back-and-forth volatility
FX:USOIL
by MtICHI
Yet another bullish Wolfe Waves appearance on Bitcoin's chartsI will position myself in a long order on Bitcoin after the equal lows are taken out. Closure below H4 demand invalidates the idea as we'd sink much lower in price if supply beat the demand here imo (and that is where I will be placing my stop loss orders and possible a short stop-limit order if I see fir by then). I will be taking profits at the three H2 bearish order blocks above (with the third highest supply point having the least probability) and trailing my stop loss below the price as we move up. Use adequate risk management and position sizing please! Please check linked ideas for my longer term sentiments.
Long
by xcitedDelirium
Fed Chair Jerome Powell has just delivered his speechFed Chair Jerome Powell has just delivered his speech at the Jackson Hole Symposium. In his speech, Powell highlighted the importance of the current fight against inflation. He noted that central banks must deliver low and stable inflation, aiming for price stability. Powell added that public’s expectations were an important factor. Powell added that the Fed would make forceful and rapid steps to moderate demand. However, he also said that it might be appropriate to slow the pace of rate hikes in the future. As usual, the Fed’s decisions will depend on the data.
FX:USOIL
by MtICHI
usoil will be completing its impulsive wave then retraces >78.6%usoil is waiting for its final leg upward to complete its 5 wave and then will start its correction which could be more than 78.6% market seems to be shrugging off global recession talk this week with the focus primarily on supply issues. But the upside momentum seems to be stalling. The charts indicate there is plenty of room for the upside before the market reaches strong resistance, but it may take heightened supply disruption news to spike prices higher. These events include disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Worries about a nuclear deal between Iran and Western powerhouses could also be limiting gains.If signed, Iran will bring upwards of about 1 million barrels per day of crude to the market. Prices could be pressured over the short-run, but over the long-term, it won’t be enough to offset the loss of Russian output. also we are keeping eye on USDCAD wave structure to get better view how oil will move any comments please share tnx
FX:USOIL
by MtICHI
usoil is bullish based on USDCAD wave analysishello traders as USOIL and USDCAD is correlated heavily and inversely we can get an idea about how usoil will move based on usdcad wave structure based on the wave prediction below for loonie it is too hard to believe that at least for some while see bearish move . i think that we should change our mind about continuation of downwad move for wti if we look loonie Canada is one of the largest oil producers in the world with substantial oil reserves contained within its oil sands. According to the Oil and Gas Journal, Canada has around 173 billion barrels of proven oil reserves and at the start of 2015, these reserves were ranked third largest in the world. According to the Visual Capitalist, Canada has around 10% of the world’s global oil reserves. Canada is also the third-largest exporter of oil with around 99% of its exports going straight to its gas-guzzling neighbour, the US. So, the price of oil has a big impact on CAD. When oil prices are rising, the Canadian dollar is rising. When oil prices are falling, the Canadian dollar is falling. The correlation between the Canadian dollar tends to ebb and flow, but at times the correlation between oil and the USDCAD can be over 95%.
FX:USOIL
by MtICHI
wave 2 is finished after retraces exactly 61.8% or notwave 2 of wave V of wave C of wave Y seems to be finished after retraces 61.8% fibo level of its previous wave 1. i changed slightly wave count today after the rally happened yesterday made wave 2. Crude oil prices jumped higher yesterday after hitting a six-month low on a steeper-than-expected drawdown in U.S. crude stocks. Additionally, in a sign of strong demand, gasoline stocks drew 4.6 million barrels, much higher than the expected 1.1 million barrel draw. More importantly, U.S. crude exports hit 5 million barrels per day, the highest on record, EIA data showed, as WTI has traded at a steep discount to Brent, making purchases of U.S. crude more attractive to foreign buyers. While strong U.S. exports and domestic gasoline demand are providing a little support, worries over China demand and rising Russia production are capping gains.China’s refining output remained sluggish in July as strict COVID-19 lockdowns and fuel controls curbed production. Meanwhile, Russia has started to gradually increase oil production after sanctions-related curbs as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025
FX:USOILShort
by MtICHI
🥈Silver (XAGUSD):Long-Term Elliott Waves●● Preferred count ● XAGUSD (SAXO) , 🕐TF: 1W Fig.1 You can read a detailed commentary on the counting of the wave structure of long-term waves in the previous review . At the moment, long-term growth is expected to resume within wave Ⓒ of III , which has the right to take the form of an impulse or a ending diagonal . _______________________________________ ● XAGUSD (SAXO) , 🕐TF: 8h Fig.2 It is assumed that the correction within the primary wave Ⓑ formed an expanded flat . I also want to draw attention to the formed pattern of technical analysis "Bullish Wolfe Wave". The model is indicated by two blue dotted lines, the upper line acts as a target for the expected upward wave. _______________________________________ ● XAGUSD (SAXO) , 🕐TF: 45min. Fig. 3 _______________________________________ 🕐TF: 8h Fig.4 Locally, an alternative wave count suggests considering the probability of expanding the boundaries of the wave Ⓐ , complicating its structure to a diagonal consisting of zigzags. The markup is somewhat more harmonious, but has a number of controversial sections, for example, in the triangle X , in my subjective opinion, two subwaves are multiple zigzags , which is prohibited by the rules. Anyway, the double zigzag in wave (2) is most likely completed. An upward wave is expected, based on the depth and structure of which we will distribute the options. _______________________________________ _______________________________________ ●● Alternative count ● XAGUSD (OANDA) , 🕐TF: 1W Fig.5 The globally alternative count, within which a large triangle (IV) is formed (more details here ), along with the local alternative, suggests the development of an ascending diagonal, but in this context - as the final wave (C) of Ⓑ . _______________________________________ Disclaimer: — The owner of the TradeWaves-EWA © community is not responsible and has no direct or indirect obligations to the User/Customer in connection with any possible losses or financial damages related to any content of this community.
SAXO:XAGUSDLong
by TradeWaves-EWA
usoil 1hour wave count update Crude oil was under pressure at the start of the week as bleak economic data from top crude buyer China renewed concerns of a global recession and the market monitored talks on a reviving deal that would allow more Iranian oil exports. The early weakness was compounded after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand. Also in China, the country’s refinery output slipped to 12.53 million barrels per day (bpd), its lowest since March 2020, government data showed. A stronger U.S. Dollar also weighed on foreign demand for dollar-denominated crude. Talks to revive the 2015 Iran nuclear deal, which will lead to increased supply was another excuse to sell crude. Crude oil could have a hard time mounting a reasonable rally over the short-run unless there is an unexpected supply disruption. Although there could be a bounce if Iran rejects the latest Nuclear Deal proposal.
FX:USOILShort
by MtICHI