Crude-oil
treasure map , redone ,target , support , resistance ,channeltreasure map , redone ,target , support , resistance ,channel
Oil compressing before a "pop" down to $42It currently appears that the market is forming a triangle sideways correction.
The key is that waves (d) and (e) of this triangle patterns do not make any new lower lows or higher highs as set by the preceding waves (b) and (c).
I will be looking to trade this when we see a bounce towards wave (e), with stops places above the wave (c) peak.
At this stage it isn't yet possible to denote the bottom trend line of the triangle as there is only one point formed, namely wave (b)... so please understand that the illustrated trend lines are only 50% correct, and the bottom is speculative for illustrative purposes.
But again... the key is that any rally up should NOT exceed wave (c) peak... and I expect a decline lower after this to target $42 a barrel.
Treasure map , targets , support , resistance ,,latest Treasure map , targets , support , resistance ,,latest
Could this be the fate of Crude Oil?Im quite new with Elliott Wave. Already read some books on it. I wondered about others thought on this Wave count. The future of Oil looks not bright yet on this picture...
Short scalp with potential to become a swingtradeAs posted earlier i think Crude is on a crucial junction here. A closeup look at the structure revealed a nice short set up. Price action at the Orange Excursion line we zoomed on friday will tell if it is just a scalp or something bigger. If we rebreak that line, the short could be kept open for a bigger downside move. If we bounce back up i will be looking for long entries.
Short WTI revisiting last summerlong term positional short trade based on swing structure and a median set
daily treasure map , targets , supports , resistance daily treasure map , targets , supports , resistance , i will update my chart incase of a break of one of those a resistance line , i would like to note that gapping above or below these structure might make it an invalid structure , thats why i prefer a lower time frame
