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CLX2018

Correlation of Fibonacci Pivots with Crude OilI'm doing some observations on using fibonacci pivot as the only Support & Resistance to trade with candle stick. This is what I can see: Red = monthly pivots Blue = weekly pivots Black = daily pivots It seems quite reliable . Does anyone knows the real correlation of fibonacci pivots with Crude Oil? What about correlation of Crude Oil with other types of pivot such as Traditional, DeMark, Camarilla, etc. They often call it "the bank math". Which one do they use? Care to share it here? ;)
NYMEX:CLX2018
by TheDemonTrader
The Bulls Must Be Careful (CL1! - Continuous Chart) At CL1!, price is entering a strong supply zone, marked by the top red rectangle box. It is a strong zone because this is Daily time frame. The long black candle marked by the red arrow is a proof that we are in the strong supply zone. Retailers must be careful because this is the place where the banks will play us out by hunting our stop losses. We don't know what they are going to do next. There are few possible scenarios that I can foresee: 1. Price will go up until 74.5x area and retrace. Please have a look of my count at the 4H chart below. It is possible that price will retrace a bit until 71.10 to 70.x and then go up again to make another HH. The reason for this idea is because currently there is an Ending Diagonal (ED) shape at Daily time frame. In an uptrend ED, there should be 5 legs skewed up and most of the time, wave 4 will overlap wave 1. For the moment, 74.5x looks like a reasonable target for the 3rd leg. I will share below the possible plot for the ED. Probability 1 of ED count: Probability 2 of ED count: However, if price fall and break below 66.79, that is the ultimate confirmation that there's no ED. It is an impulsive wave, instead. 2. Price will go up a lil' bit more and then fall to the "C" area in the red rectangle box. Please refer to the CL1! chart at the top. If price reverse up at that area, it's possible a running flat will unfold and that is a very bullish sentiment. It shows the psychological state of the bulls that are so eager to push the price up. They can't wait for the price to retrace further down. 3. Price go up a bit more and fall to the Alt 1 and 2 areas. Then only price will reverse up. If that happens, we'll have a text book flat count for the start of wave 5 upward. 4. Price pump up straight to the 80s. haha... As always, these are just probabilities. Price can unfold totally different from what we expect. Don't forget to follow your trading plan. All the best! :)
NYMEX:CL1!Short
by TheDemonTrader
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