Crude Oil Elliott Wave IdeaTo me it looks like oil is in the early stages of C or wave 3, in addition there appears to be a head & shoulder formation after price hit the 0.5 level.
Oil could hit the 1:1 extension at $34,89 to complete a C wave and bounce up to a new high above $41,63, or push down much further to 1.618 extension at $32,12 to complete a wave 3 of deeper C.
Crudeoilwti
Crude Oil Elliott Wave IdeaUpdate on below idea:
Thinking oil is correcting now but still in an impulsive move downward overall.
If price gets above $39,46 then it would invalidate this theory.
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CRUDEOIL got rejected from the $41 resistance level and has fallen close to 10% from there within a comparatively small span of time.
Global markets like US30 / DOW JONES, SPY, SPX have also seen a good drop during the same time period and that could be the reason for the drop in CRUDEOIL prices.
Since we had a steep rejection from the $41 level, i would be more inclined towards expecting a fade off of the next upside rally.
Have the $41 level as a stop loss in case you try to short because if CRUDEOIL breaks above that level we can expect a teleport to higher levels (as a zone where we had seen good rejection earlier would now be broken).
If you look at the daily chart for CRUDEOIL, you will realise that it CRUDEOIL hadn't had a healthy pull back yet (see image below) and thus this drop can extend further downwards before we see a up-side rally.
The RSI, has also seen a steep drop in crude oil on the 4H chart which is a bearish sign.
Anyways, CRUDEOIL is correlated with GLOBAL MARKETS named above and trade along with them.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
CRUDEOIL - 58 ( bullish / neutral zone)
The market can stay irrational longer than you can stay solvent - John Maynard Keynes
Crude Oil Elliott Wave IdeaUpdate on the below idea:
Oil has hit the .236 extension but could push up to higher extensions...If this 5 wave theory is correct then there should be a large correction coming.
Crude Oil Elliott Wave IdeaSmall timeframe idea for oil.
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
Crude Oil Elliott Wave IdeaUpdate on below idea; maybe wave 4 is finished now, or a still correcting, hard to say.
Crude Oil Elliott Wave IdeaCouple of theories in one chart on how oil might move in the coming days.
Scenario 1 (white) - Correction is already completed at $34,58 and now in an impulsive move towards mid $40's; A break above $40,61 would look good for this theory.
A break below $37,42 could play out scenario 2...
Scenario 2 (orange) - A correction is still underway in WXY form, price could return towards $34 before a move to mid $40's
A follow on from the below ideas:
Crude Oil Elliott Wave IdeaFollow up on the below idea, possibly a slightly more complex correction under way
CRUDEOIL - KILLZONESimilar analysis as my other charts, Oil previously crashed and hit the bottom at this level. I see many indications that this will fall again and potentially hit the bottom.
Price is constantly testing support and now consolidating. Once price has broken support its a big sell.
Crude Oil Wave Analysis After a strong show in the last weeks, crude oil needs to make an obvious correction.
We expect the correction to be of ABC structure and it has already completed waves A and B.
Further, the structure resembles a bullish flag pattern and the price is at the upper parallel now.
Currently, the pair is forming a bearish flag pattern in the short-term charts and a break below could guarantee a safe entry to bears.
PS: Aggressive trades, refer to the resistance at 40.41 for the stop.
Crude Oil Elliott Wave IdeaSmall timeframe idea, possibly in wave 2 or B correction which could reach $36,40 > $36,96
CRUDEOIL - SELLPrice has hit a key area (where it fell previously)
It will continue to consolidate before taking a HUGE drop
wait the resisitance breakoutCL will show a strong buy signal after it test the resistance line with break it out with big volume
CRUDEOIL & DOW Jones - is there a correlation? is there a doubt?TVC:USOIL & CURRENCYCOM:US30 (DJI)
For quite a few number of days / weeks USOIL has been having a positive correlation with other global markets such as US30. Thus movement of these markets will determine the movement of USOIL too to a certain extent.
Keeping a close eye on US30 has been greatly beneficial on few days as other markets for e.g. Nifty tend to correlate with it on those days. But as far as crude oil is concerned, the correlation has been great. Following US30 can help you decide future positions in CRUDEOIL, especially if you are short term trader.
On the hourly, USOIL has started to trade below the 200MA which is a bit bearish (see image below).
Also, CRUDEOIL has bounced from the swap zone but further retests of the level may break that zone and send it lower.
Don’t focus on making money, focus on protecting what you have. - Paul Tudor Jones
Daily RSI
USOIL - 60 ( Leaning Bullish )
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USOIL - Trading in GAP Range | Next Resistance $41-$41.5TVC:USOIL
With Global Markets turning positive, CRUDE OIL is also showing great recovery since it's slump.
Currently, it is trading in the gap range it formed during the crash.
Gaps act as support and resistance and tend to get filled.
My view is that we can see CRUDE OIL move up to $41 level where it will face some heavy resistance.
If global markets remain positive and there is no negative news, breaking out of the resistance zone would be easier.
We can expect a retrace either in the near future since we have already run up a lot or when we hit the $41-$41.5 level followed by re-test(s) of the zone (if we stay bullish).
The $36.4 level has been a SWAP zone earlier (as shown in the image below) and should now act as support if we break down.
Break and close below $36 level would create lower low in the current trend and would be bearish.
Keep and eye on key levels along with price action and global markets + cues.
Trade Safe!
Daily RSI
US OIL - 72 (Bullish + Overbought zone)
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US OIL TRADE PLAN !! WTI Crude Oil is ready to Drop !!US oil has a big potential to go down in the short period . Atleast thats what the chart is telling me. I predict Russia will not agree to extending the oil output cut, and that will start the crude oil falling . Just kidding Guys when I saw the market I knew that Crude oil will go down .
In my analysis you should take 40 to 50 pips or wait more to make more .
Analysis On Crude OilAnalysis On Crude Oil
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CRUDE OIL WILL GO DOWNThe Crude Oil has a big potential to go down .
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CL1! - Crude Oil - WTI - H4 Weekly Analysis -CL1! - Crude Oil - WTI - H4 Weekly Analysis -
We have a major Bullish Trend on the H4 & H1 charts, price has broken the trading range.
We are waiting for a pullback on a Support @ the 0.786 Fibonacci Level to enter long.
Our first target will be the 1.272 Fibonacci Level and second target the 1.618 Fib Level.
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Entry: 34.30 | Stoploss: 33.30 | Takeprofit1: 36.30 | Takeprofit2: 37.60 |
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Disclaimer: All information and ideas provided is for educational purposes only. It is not a recommendation to buy or sell.
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Crude Oil Elliott Wave IdeaUpdate on below chart.
Could be more upside yet before a larger correction.
CRUDE OIL BUYHello Traders
Today Crude oil is so stable and you can predict the mouvement of this market .
DISCLAIMER : I don't use support or resistance line to publish those signals .
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