Crude Oil Elliott Wave IdeaFollow up on recent ideas:
Looks like the final corrective wave (Z) is underway, small timeframe count, could be nearing the end of wave 5 of A of Z
Crudeoilwti
Crude Oil Candle PatternWeekly candle on crude oil closed as a bearish engulfing > www.candlesticker.com
Definition
This pattern is characterized by a large black body engulfing a preceding smaller white body, which appears during an uptrend. The black body does not necessarily engulf the shadows of the white body but totally engulfs the body itself. This is an important top reversal signal.
Recognition Criteria
1. The market is characterized by a prevailing uptrend.
2. A white body is formed observed on the first day.
3. The black body that is formed on the second day completely engulfs the white body of the preceding day.
Pattern Requirements and Flexibility
The length of the first white candlestick is not important. It can even be a Doji. The second one, however, has to be a normal or long black candlestick. Either the body tops or the body bottoms of the two candlesticks may be at the same level, but in any case, the black body of the Bearish Engulfing Pattern should be longer than the previous white body.
Trader’s Behavior
While the market is characterized by a definite uptrend, lower volume of buying is observed with the occurrence of a white body on the first day. The next day, the market opens at new highs. It looks as if there’s going to be more bullish trading, however the uptrend loses momentum and the bears take the lead during the day. The selling pressure overcomes buying and finally the market closes below the open of the previous day. The uptrend is damaged.
Sell/Stop Loss Levels
The confirmation level is defined as the last close. Prices should cross below this level for confirmation.
The stop loss level is defined as the last high. Following the bearish signal, if prices go up instead of going down, and close or make two consecutive daily highs above the stop loss level, while no bullish pattern is detected, then the stop loss is triggered.
Crude Oil Elliott Wave IdeaUpdate to this idea
Could be that WXY has completed at 5177 but I think it will drop one more time to the .382 level so it could be a more complex WXYXZ.
Crude Oil Elliott Wave IdeaFollow up to a couple of recent ideas:
Possibly in a complex WXY correction with X wave either completed at 0.5 fib level already, or another move up to a higher fib level before the next wave (Y) down.
Crude Oil Elliott Wave IdeaUpdate to this 5 wave count >
And internal waves of A in this larger degree count >
Even though oil hit the .382 level at $55,57 it retraced and climbed a little higher, I think there is still a little more to come, the .382 extension from wave 1 is at $55,91, from there A may be completed before a larger correction back to where the move the $50 mark started, then up towards $60+
sell at 56.40 stoploss 58 tp-46looking short at 56.40 , advance shark pattern , we can buy 46$-45$ range (bullish shark)
Crude Oil Elliott Wave IdeaUpdate to several theories:
The 0.382 level was hit which could conclude wave A of a larger correction, B may correct to the .382 level which coincides with a backtest of .236 at mid $50
Crude Oil Elliott Wave IdeaSlight variation on the 5 wave count from this idea >
Looks like a triangle is forming, a break below 5185 would invalidate it.
Crude Oil Elliott Wave IdeaUpdate to this idea >
Looks like wave 4 is complete by running flat ABC and now in the 5th wave to $55 level, from there possible correction to complete right shoulder of inverse head & shoulder before the next leg up.
Crude Oil Potential "M" PatternAs per Bulkowski there appears to be an "M" pattern in crude oil > thepatternsite.com
Sell once price closes below the valley low for 50+ pips.
Crude Oil Elliott Wave IdeaPotential correction theorized earlier maybe be part of a larger wave 4 to .382 or .5 level, followed by wave 5 to 55 or so >
Crude Oil Elliott Crude oil could be nearing the end of a corrective B wave.
Price just touched the 0.5 extension at 52,51 for what could be wave 5 of C of B but could also touch the 0.618 extension at 52,70.
A drop below 51,31 would go some way to validating this idea as it rules out what could be an impulsive 5 move upwards.
Crude Oil Elliott Wave IdeaBit more detail on this idea >
Could get a simple ABC to .382 level, or a more complex correction (WXY, or even WXYXZ) to a higher fib level before breaking 42.
Crude Oil Elliott Wave IdeaThere looks to be a morning star candle pattern on weekly chart for crude oil and 5 waves completed at mid 42 level, following from this idea bouncing from the .618 extension >
If this is completion of 5 waves from 7690 then its possible that its part of an ABC leg and a correction has started, another leg down below the recent low made at 4220 could happen post correction.
Crude Oil Elliott Wave IdeaUpdate to triangle idea which didn't pan out >
Price bounced sharply at 4435 which is exactly 0.618 level so possible that all the sideways price action was an ABC for wave 4, wave 5 completed at 4776 to complete A wave, now in B before the next impulse for C to new highs.
Crude Oil Elliott Wave IdeaPossibly a triangle forming in crude oil which would indicate B wave with C to follow, part of a bigger correction possibly in the form of WXY or WXYXZ.
Crude Oil Head and Shoulders?Just a theory, not a trade, .382 level at 5560 would be an interesting level to watch
Crude Oil Elliott Wave IdeaUpdate to this idea >
Triangle broke and .382 extension hit. It could be the bottom, or very close (maybe one more extension down) and a move to correct coming up over the coming months.
Crude Oil Elliott Wave IdeaUpdate to previous idea >
Possible that E wave now completed, or one more push up to upper trendline.
Crude Oil Elliott Wave IdeaFollow up on this idea >
Triangle is well and truly broken and possibly in an impulsive wave 3 now which could end up at the 1.618 extension of wave 1.
