Crude turning lower?Price has been making lower lows.
Fridays candle was an inside bar.
A break below the lows of friday will enter us short targeting about 3.5R
Crudeoilshort
/CL - Comex Market Analysis and Trading Tips - 28th June 2016Overview:
The Crude oil market had a fairly negative day on Monday, as market continue to worry about all things European Union and United Kingdom related. The primary trend of Crude oil is bearish on charts. On its 4 hourly chart, market is trading below 100 days moving average. It is having important resistance at the level of $48.12 and support level at the level of $46.50. On its 4 hourly charts, MACD is sustaining in its negative territory and RSI is sustaining in its selling zone indicating the upcoming bearish trend in the oil prices. On an intraday basis one can go for sell on higher level strategy.
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Crude Oil High Significance Elliott Wave Analysis
hi Readers,
The Chart deals with weekly time Frame
As we now Know that the wave Y in Grand Super Cycle degree & hence the initiation of X wave after Y has pushed it to new highs, say to the current levels. The important idea is that the W within the current X wave in one lesser degree has been progressing as w,x,y,x & z within which waves W,X & Y are completed. so , after an intermediate downtrend for completing the X wave, the market resumes its upper trend to the areas of 55.12 $
For analysis below this degree, that is on daily time frame click here ,
Thanks for reading
Feel free to contact us in need of any assistance
Happy Trading
Dinesh -senior Technical analyst
LeadBrains FSL - www.mytradingcourses.com Trading education & training firm
CRUDE SHORTCRUDE is expected to sink now.
The reason why we feel CRUDE may SINK.
* It may SINK and come near 37.61 levels
* Stoch RSI (3,3,14,Close) is SINKING.
* RSI (14,CLOSE) is SINKING.
* CCI (20,CLOSE) is SINKING.
Keeping all the above indicators in view along with the chart pattern we expect it to SINK. Our SELL call shall be from SELL BELOW :38.95, SL: 39.29, TGT 01: 37.99, TGT 02: 37.61, TGT 03: 36.43. The view expressed here is on weekly basis. [b ]Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
Crude oil's MAJOR turn AHEAD.
As everybody Know that crude oil is falling and it is upto the world but the charts are different story from the rest. Based on Elliott wave analysis and the unfolded Wave structure ( correlating past & present) and by the rules & guidelines of the same, we can anticipate high probable counts for future and that is where the Wave Principle helps in unwrapping the mystery.
TO ANALYSIS,
When we get down to weekly chart we can identify that the current price action from MAY 2011 to this day have been developing into a complex triple three Structure (the circled alphabets W,X,Y,X and Z) within which each wave have been subdivided into WXY (Double threes) A pattern within a pattern is a strong Signal of the ongoning trend's wave structure is about to end by the final leg moving towards 23.40 levels (mostly anticipated).
Why i say this...the reference link is given below do check it...!! and also to one lesser degree (Daily chart is labelled over there),
www.mytradingcourses.com
OK What after that,
As it is labelled on the chart; after the current trend ends in 23.40 levels it is going to be one healthy Correction lifting Crude to the FIBO retracement levels of 58.29 - 62.49 which is the area coincides with the 38.2 R levels and there may further rally to the upside to 50% or 61.8 % of current trend.
Happy trading....
Crude oil - Is the bottom visible yet...? Resuming from previous Crude oil Post in the blog, check it here...
Obviously yes the bottom is in the visible limits
We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have been completed and the remaining two legs D & E are about to be completed and as in a descending triangle the characteristics of the same is to test the support multiple times and which is what the D wave is going to do exactly and after that the E ( FINAL ) wave as dictated by the principle will be a multiple of FIBO numbers, with respect to Previous C wave rally and most possibly the .786 will be the target for the above stated E wave.
View the video as it also explains below one degree from daily charts to H4 charts.
visit the thread with video here,
www.mytradingcourses.com
What is crude oil's next decision...?
Resuming from previous Crude oil Post in the blog, check it from what's happening section...
We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have been completed and the remaining two legs D & E are about to be completed and as in a descending triangle the characteristics of the same is to test the support multiple times and which is what the D wave is going to do exactly and after that the E ( FINAL ) wave as dictated by the principle will be a multiple of FIBO numbers, with respect to Previous C wave rally and most possibly the .786 will be the target for the above stated E wave.
View the video as it also explains below one degree from daily charts to H4 charts.
www.mytradingcourses.com
32$ essentiell 4 Bulls 2 survive (@ least technically) this week35.80 USD: 2.Target (292 Chance)
33.97 USD: 1.Target (109 Chance)
32.88 USD: last Price
32.21 USD: last Support (67 Risk)
You can use the support levels as stop-loss price level.
And both targets also even as take profit price leves too, if you want.
But take care! Think about it - and create your own opinion! It`s your own decision...
Change/Risk Ratios are 1.63 C/R Ratio (1st) & 4.36 C/R Ratio (2nd)
Change/Risk Ratio = 1.Target/Support & 2.Target/Support
Best regards!
Aaron
