Get started

Crudeoilwti

Crude Oil Elliott Wave IdeaUpdate to long term correction ideas. Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly. It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up for one more high towards $60-$63 before the new low below $42 comes. A double top and bearish divergence on daily suggests more downside to come in the next few weeks. A wave completing before the correction for B and then C upward > The 5th wave of 5/C/W completed >
TVC:USOIL
by Joseph_King
1
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.
TVC:USOIL
by Joseph_King