In EW speak, this is still a bullish chart. So long as the blue box region holds, there's a chance to reverse higher soon. Don't want to see it lose that major support zone in red down below... tick tock.
Silver - Anything can happen. It really needs to get above $30 in a sustained manner to get the ring. Very wild as it goes through its mid-life crisis :)
CL ~ Pivot support zone holding so far. Kinda deep, but I suppose valid. Below 82.49... open worm can, imo. Get above the 618 in red and the bulls may have something.
The structure on Friday shifted into corrective looking waves, so I won't be surprised by another shove lower into fib support before the next meaningful run higher commences. If it goes up directly from here I will have some head scratching to do.
Nobody knows the future so I just track parameters using Elliott Wave and also s/d zones. Let's see where support holds and I'll be watching for an impulse higher to signal the bottom is in. Otherwise, if we break 83 with feeling, then I'll watch 82 and 80.70 for support levels. If all of those break, then any meaningful rally is delayed for weeks or more. All imo...
Backtesting that Daily trend line with a few top dots on this 4hr chart. Good posture to dump some points here so they can reload lower. Big money always wins, and they almost always come back for that liquidity.
This can get a "c" wave down to the area on the chart, then begin a very bullish wave 5. One step at a time though! Looking for confirmation of a low somewhere between 618 and 886 fibs.
Let's see where we are by the 5-7am EST window. This view is a combination of Elliott Wave analysis and supply/demand zones. Can be a powerful combo for scalping.
Had a decent chance for a long setup, but this move today is pushing the limits on bullish structure. Now there is a clear setup for lower if this level breaks. LOB
Standard ratio between Elliott Waves 1 through 3 versus wave 5 is 618/886 zone, which is shown in an aqua box. Call the target the $92 region for wave 5 of some degree.
If the buyers are panicking, we will see a sizable gap up and continuation. Possible target to be seen this week: $91 to $92.65. Not advice, just some parameters.
Possible it goes up first from up here, but down would make more sense, imo. If it goes, up I will short scalp and try to leave a runner.
As long as 76.90 holds, then this count has a chance. For the best EW analysis on planet earth, please check out ElliottWaveTrader .net
Could be a wave iv coming tonight then spend tomorrow ripping higher in a wave v of 1. But, Elliott Schmelliott, follow the money!
Much above 75 and we could off the races. Conversely, if we get rejected up here and get some juicy red candles tomorrow and Friday 2/9, could see much lower levels in the weeks and months ahead.
ABC with taregt fibs on the chart in the green zone. 1.618 first and then slightly lower to the 200% fib to finish off C wave, then sharp and swift reversal. If it keeps going below this support, then opens the door to structure that points to $61. One step/level at a time.
Looking for a wave iv, in Elliott Wave speak. Ideal target $74.70. Plan to take gains on the way down, if that's what happens here.
Why not finish off nano 5up to 75.60, then back to 73...Then a rip your face off rally? Distinct possibility that price wants the larger degree wave 3 immediately, in which case price will smash this 21m count to the upside. Gap up and go towards 78.60. Not predicting...