Crudeshort
Crude Light bearish project (Daily)US OIL* NYMEX:CL1! has formed the major bearish Wolfewave.
RSI Divergence on Daily/H4/H1 along with consequently lowering volume may signify the upcoming trend change:
With the SL slightly above the recent peak and potential TPs laying much lower, the risk/profit ratio makes this sell quite an attractive opportunity.
Opened 6 lots at 49.81/49.91, SL 50.82. TP1 47.26 TP2 40.92
Crude oil coming closer to Strong supply zonesCrude Oil has been in counter uptrend since june 21st 2017 and will reach a strong supply zone around $50 to $52. I am expecting a reversal from there in 1-2 weeks from today.
After the market opens on monday, the crude oil is expected to trade above $47.70 for a few days till it come closer to $50. As it comes closer to $50 expect sellers to step in, and slowly supply will exceed the demand. And as supply get stronger from $50 to $52 a reversal of trend is expected.
Crude Oil continuing down in Wave 3 (Elliott Wave Analysis)Following on with the Bearish Count it looks like we are still continuing down with the Wave 3 (Circled).
It looks like the lower trendline will be broken as this Wave 3 down continues.
I will update further as this market progresses.
CL - Crude is outside the fork and could hit $43 soon.The current bar could be the re-test of the L-MLH.
This would indicate a further drop.
Taking the prior angle of price flow to find the potential target, the number would be around $43.
P!
Alternate Bearish Count for Crude (Elliott Wave Analysis)This bearish count seems very less likely to play out however is still a possibility and hence should be considered as an Alternate Count.
CL - Crude with three potential targetsThis is a wild ride, but we are not unhappy don't we ;-)
The prior LT chart gave us a great indication about the fall.
A closer looks reveal that the drop from above is the logical swing that markets do.
Targets?
Well, we have a couple of them as you see on the chart.
See the circles? One at the A/R-Shift, and two other ones at the different centerlnes.
First I even expect a pullback, since markets swing.
The yellow, thin down sloping mini Forks centerline is key!
If price jumps above it, we can expect a bigger pullback.
If price just test/retest it, then another entry is praying to be taken.
So, let's be patient, ride the grumpy bear and see if we can load up some.
P!
Expecting drop in Crude Oil (Elliott Wave Analysis)Crude Oil seems to be moving in an 3 Wave corrective structure.
Hence I expect it to achieve atleast
T1 : 53.30
if further downside is seem then it can drop till
T2 : 51.80
Even lower levels uptill 50.80 are possible but that is something we can only talk about later on.
From a positional perspective this market is a buy on dips as I believe much more upside remains, positional traders should wait for the 3 Wave completion and then add on to there longs.
I will update further as this market progresses.
Is Crude Oil Gonna fall Short term Eliiott Wave AnalysisFrom the low of 47 it seems that the Oil market has reversed, atleast for the short term.
As of now it looks like the 3rd leg up is complete, however the placement of the double bracketed 5 is certainly questionable.
Therefore I'm discussing setups for both directions, please keep in mind that the analysis is for short term.
If this market goes below the black trendline and retests is as a resistance then most certainly Crude will go down till the region of 50 - 49.30.
On the other hand if this market breaks the recent high then it can achieve
T1 51.20
T2 : 51.50
I will update further as this market proceeds
CL - Crude pulled back to L-MLH. Ready to fall?Crude is in correction mode.
It's beautiful trading within the Pullback-Fork and has broken the L-MLH of the smaller blue PB-Fork.
The actual pullback to it is textbook like...which I like! ;-)
P!
CL - It's doing what it has to doLooks like the previous post will become true.
Sitting tight and wait for the Bus to the centerline hehe...
Peace!
CL - Crude Oil probably prepping for a diveThe real last high was on 2015/08/31 - with a very low close, basically a give-up.
From 2016/01/08 price started to stair-step in big swings.
The prior high, from where buyers gave up, was the exact point where they once again ran out of power, failing to break north and go higher.
OPEC brought news in the last days - they would even lower prices much more to support Crude prices...
My thinking goes like this: It's not a organisation who makes the market - It's the market, humans who tell what they are willing to pay. And if the crowd is not willing to pay more for crude, then nobody in the world can stop price from going lower and lower.
It's just my simple thinking and in the years I walk on our bowl, the rules of live worked out very well. If not, it was me who did not follow it...
Back to the chart.
The past weeks produced a coil - energy is loading up.
IMO it will explode to the south - but who knows - maybe something will happen and then people are willing to pay more and my thoughts are history. Yes, no crystal bowl, just putting together the puzzles and hope the picture is what it's showing.
As for now, I see price will reach the centerline - either the white or even the blue one. But first there shall be a break of the support (blue line). Then I hope for price to come back to pick me up for the ride. But this is probably wishful thinking here, because of the loading on energy which could expand very explosive.
Hunt mode on...
P!
OIL SHORT: Commercial hedging at multi-year highsCommercial hedging short interest is at multi-year highs - back to where it was in summer 2014 when oil topped at around $100.
Hedgers are locking in current prices as they believe they are extremely attractive in the medium term.
Speculative positions are also at multi-year highs - making oil prices prone to a downside squeeze.
WTI may have set in a near-term top and, although we could see $60 tested in the next few months, oil will continue to be pressured to the downside.
A stronger dollar, questions about OPEC compliance and weak global growth are all fundamental forces which support this view.
Short Opportunity in Crude OilShort Opportunity in Crude Oil. Good Risk Reward. Buy as high as possible
Wti Crude can go down till 40$, worst case scenario 32$Previously I was considering that the Wave B/2 was complete where I have placed the vertical line, now I'm taking that as the Secondary Count.
The Primary count ( In Blue ) is that the Wave B/2 is still under progression as a Flat correction and that it should see lower levels of atleast 40$ and can even go down till 32$ to complete the Wave C.
T1 : 40
T2 : 36
T3 : 32
Only if the price gives a small impulsive looking 5 Wave move up and then consolidates then it could be the likely case that the Wave C is actually a Wave 2 and then only we will consider the Secondary Count.
Invalidation Stop : 49 (However we will have to trace the waves to see for a more tighter stop.)
USOIL 60 min shortShort to minimum TP: 47.86 after long then shor again, minimum TP 1: 44.22
THIS IS MY OPINION
follow up on earlier posted short tradewe are following a downsloping median set with a median parallel to earlier mentioned mult pivot line (which got zoomed friday and is due for a retest). Because we are following the downsloper nicely i would move stop to BE and adjust target for downsloping angle of target line
