Elliott Wave Analysis: CADJPY Could Be In For A ReversalAs you might know, we are looking higher on stocks based on Elliott Wave structure after only three waves of decline on E-mini S&P500 from 2400 highs. So more upside on stocks is normally bearish for Japanese yen, in risk-on environment. At the same time we see Oil prices in bullish mode as well which can be supportive for the Canadian dollar. What all that said, CADJPY can be an interesting pair in the coming sessions and days. Not only because of those market correlations, but also because of the wave structure which shows wave C) down to be an ending diagonal; this is a reversal pattern which can already be pointing to the upside if we consider five waves up on 30min chart.
Crude-oil
2 scenarios for oil1. 5th wave in C has started
2. (B) wave in triangle correction ABCDE in 4th wave has started. This means, that 5th wave will be much later, but I think this is not what is exactly happening on oil market.
For me scenario 1 is more preferable.
In any scenario just keep calm and short oil, when it breaks 47.06 support.
P.S. always use stop loss. Always. Yes, ALWAYS!
Bearish Completion of Bullish Bat & Bullish AB-CD Patterns I am short until the point of both harmonic patterns indicate .
Strong resistance at 54.15 , down from here 52.00 is nice support .
In order to complete both bullish patterns, it must be down till 47.00
After that support it will start Bullish Rally
Signs of weakness despite output cutsWTI failed to break new highs despite efforts to cut output from the Saudis. Iran and Russia has yet to fully comply with output cuts meanwhile US oil production gradually increasing week on week on the back of reports suggesting that shale production cost are becoming cheaper.
US Dollar remain strong in an uptrend after breaking out from its trading range, this will probably push oil prices lower.
Crude Oil Long Trade 200 Pips I have been waiting a few weeks for Crude to get to this point now, we have tested the 61.8 fib twice in the last few hours and seems to be a lot of buyers there, we are also hitting its uptrend support from back in December and i believe now we will see a continuation to $55 a barrel.
crude oil optimal price arrangementsSoon we have two possible action on crude oil on this week arroung the price of 55,15:
1) More possibly "a shooting star" appears getting bearish action toward 46,00 which would be a bottom or reversal price for bulls again. Bulls on crude oil during the summer is favorable for OPEC countries.
2)Less possibly crude oil price stays above 55,15 in daily candles and bullish action continues. i think this is less possible because any price above 55,00 during spring-summer time is not sustainable.
[Update] Crude Oil Elliottwave CountFundamentals still intact and with the release of OPEC monthly report strengthens the idea to go long in oil
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CLK17 WTI Weekly FuturesFeb 13 19:30 AEDT
CL WTI May Weekly Update
Consolidation and Seller Absorption Bars!.
Buy Area -sub $54.20 down to $54.00
(I don't think it will make $53.50)
Good Support at $53.10/20 (buy a few wells at that price)
Struggling with the T-Line at the moment,
but the 55 SMA is sweeping up nicely for added future support.
Text book Dow with a break out; higher highs / higher lows
and it appears to be now re-testing the breakout.
Looking at the big picture this really look like a bull trap flag, but the arithmetic doesn't work,
so I am bullish until it breaks below $53 then it could free fall back to $46 coz there is nothing
to stop it, then break below and back to double bottom at $37.
But right now I am with the CoT and Long with a tgt expectation of those upper body gaps.
Remember you are Adults and this is only my opinion, not a guarantee
... and just my 2c worth
Crude WTI Short 1 hr Chart With a show of Crude Oil Inventories adding 13.8 million barrels oil rallied due to the dollar weakening, after a big rally over the last few days the dollar started to strengthen again due to the bloomberg consumer confidence being strong so i see a short to the recent support and resistance line, expecting a pull back.