5/10 wk x-over watchLot of pundits on Crude Oil. The MA cross overs is a first bullish start to consider long
Cl_f
I believe I can flyBowtie in full effect
No need to say i'm long but have learned over night to do the TA on the real commodity instead of the derivative
'Safe trading gents
@BLawrenceM
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"Caught up" in MA's rhythm .. Dancing shoes off the shelves!!! For me...a lesson was learned today ... Have to do the TA on the security instead of the derivative. Oil looks ok see USOIL chart below:
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Futures are decisively lower after close of market than the lower trendline drawn in.
So last chance for the E wave count would be to attach the lower trend line to the B-leg wick that gives a tolerance for a drop to the 3.20. See chart below
It would take a "good" API report to bring it up closing the gap..... and go further!!!
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Written yesterday before close
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Seems like E is done today and wave C up can begin.
Due to the negative sentiment....
we could see a gap up tomorrow.
That would spark the short squeeze needed to get oil up to target.... wave 4 of lower degree.
Low risk entry with a stop at 3.32
Safe trading ladies and gents
@BLawrenceM
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NB The white B is missing at the top of 4.13 (see chart underneath)
Possible IHS on UWTIThis chart is no longer due. Pattern has panned out !!!
Possible IHS is setting up on UWTI with a possible target at the 3.78-80 ish handle.
Remember neckline has to be taken out in a convincingly manner for the IHS to be valid.
Safe trading ladies and gents!
@BLawrenceM
N.B.
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Oil... U have "No Enemiesz" in those dancing shoes!A follow up (dance)chart to my other bullish ones.
Here I see a potential ABCD setting up with a huge reward.
Notation on chart...but ..:
Entry at 3.56
Riding it to PRZ
Stop at 3.33
Safe trading ladies and gents
I'm not saying oil stop at the 127.2 or the136.2 extension. It could go as far as the 161.8 - but I make no promises.
What I say is...take some chips off around the mentioned fibs.
Time will tell..... as always
@BLawrenceM
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"Somebody" sees Oil/Crude//UWTI has bottomed? Bullish EW-countOn the 4 hour chart I see the following bullish signs:
Red W3 and W5 was made on a positive divergens
Orange W1 was 5 waves up
Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common)
EMA 13 has crossed EMA 34
The count above is the very bullish count
We could as well just see an ABC up instead of 5 waves up - Time will tell!
Safe trading ladies and gent!
@BLawrenceM
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When USOIL SNAPs Back you'll "Dance to the Rhythm"!!Almost there ... have your dancing shoes ready!
The question is...... at fib 78.6 or the 88.6 fib retrace?
I'd say we'll very soon see a bounce (remember it's a monthly chart) and a possible retest a little lower at around 42.
BUT could make a possible bottom here.
The instrument is right now more oversold than ever before when looking at the the monthly RSI but a flattening has started.
For finding a similar oversold situation you have to go way back - to the 86 crash to see same RSI level.
Safe trading ladies and gents!
@BLawrenceM
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