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UKOIL-USOIL

Crude Oil Elliott Wave IdeaUpdate to previous ideas on correction in crude oil > I previously had this down as an ABC but that doesn't seem to fit anymore so its possible that it is a WXY. Previously I had the first section as A with a WXYXZ correction but as per the rules for WXY W must be a zig-zag and looking at it again it is possible > A had 5 waves with a starting wedge wave 1 and a .236 correction for wave 4. X can be any type of pattern and that appears to be WXY with Y completing at the 1.272 extension of W > Z must be a zig-zag and must be, at minimum, equal or bigger than wave X which puts it back to 6785 which is the 1.414 extension of W. A of X must be a starting wedge or impulsive 5 waves and it appears there could be a wedge > So its possible we're in wave B of Y now with C to follow to at least 6785.
TVC:USOIL
by Joseph_King
1
Crude Oil Elliott Wave IdeaUpdate to previous WXYXZ idea > I probably shouldn't get too hooked on the idea that this pattern appears the same as the one back in June as I could end up missing what's actually going on. Below is the period between 18th June and 21st June with what appears to be a large extended flat correction with B wave a WXY > Y extended 1.414 of W to complete B then C down to the 1.272 extension of A. Since last Friday we appear to have a similar structure and today could be B wave > Y of B extended to 1.272 of W to complete what could be B wave, and potentially now C to the 1.272 extension. If it goes much higher I will have to admit defeat in my battle to master WXY and WXYXZ corrections :)
TVC:USOILShort
by Joseph_King
2
Crude Oil Elliott Wave IdeaExcuse the long post, it's Saturday, the market closed and too much coffee this morning :) I just wanted to share my analysis and why I believe Crude Oil can reach the $78 level; this is an update to a previous theory There are notes in the chart with reference to the daily MA20, the similarities between the drops from 7290 and 7520 and the daily candle pattern and below smaller timeframe wave analysis. Through 18th and 19th June (highlighted in the box in the below chart) there was a 5 wave impulse move upwards followed by a correction (WXYXZ) to the 0.618 level > If you compare this movement to 2nd and 3rd August the same wave pattern is there > 5 waves up followed by a complex WXYXZ to the 0.618 level; I theorized at the time that it was just a WXY > but it turned out to be much more complex even though the same expected level was met at 0.618. After 18th June first impulse up the correction appears to have been an expanded flat with C wave terminating at the 1.272 extension > Wave 3 then went on to the 3.618 extension moving up $9 from wave 2 termination point > I think its very hard to predict such a correction pattern but if early next week plays out in a similar way to the days following 18th and 19th of June we may have completed wave A on Friday and we're now in subwaves of B, possibly in WXY > It could mean a double bottom before going up for the big wave 3 > Smaller timeframe idea here >
TVC:USOILLong
by Joseph_King
Crude Oil Elliott Wave IdeaUpdate to previous idea > Crude appears to be in a triangle for what could be wave B. Possibly in the final leg (E wave) as per below charts: The details of ABCDE pattern: The details of E wave; you can see what appears to be 5 wave structure up from the bottom which halted at .618 extension of wave 3, possibly the end of A wave, before B to .382 level, then C to the .618 extension of A around $69,26, or possibly the 1:1 extension $69,58. From there we may see a big bearish leg down. After completion of E wave possible to see the final leg down to the .382 or .618 extension (the .618 extension lines up nicely with the .382 correction level around $64 (although this could be coincidence)) to complete wave 4 as per my previous theory, then the next bullish leg (wave 5) to $80+ > It is worth noting that there are alternate bearish theories that have this current structure as either wave 2 with wave 3 down coming to around the $55/$61 area so if you are shorting from these levels it might be worth holding onto one for lower levels. I personally do not feel like Crude Oil is ready to plummet to those levels yet but anyone with a sound Elliott Wave Theory can be right :)
TVC:USOIL
by Joseph_King
7
Crude Oil Elliott Wave IdeaI was asked in the last chart what my views were on larger timeframe so here it is. There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this level). Some details of purple wave 3 can be found here > If you look at purple wave 2 you can see it bounced exactly at the .382 level then up to current levels. Details on purple wave 2 below, some nice Fibonacci levels within that WXY made up of ABC legs.
TVC:USOIL
by Joseph_King
3
UKOILThe underlying instrument for UKOIL is Brent Crude which is traded on the ICE Futures Europe. Brent Crude is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. Brent Crude is sourced from the North Sea, and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the BFOE Quotation). The index represents the average price of trading in the 21 day Brent Blend, Forties, Oseberg, Ekofisk (BFOE) market in the relevant delivery month as reported and confirmed by the industry media. Only published cargo size (600,000 barrels (95,000 m3)) trades and assessments are taken into consideration.
TVC:UKOILLong
by FxGalaxyPremium