Crude Oil Elliot Wave IdeaUpdate on a few larger timeframe wave 4 ideas, below.
Looks like an ascending triangle which would be typical for wave 4; may have just completed C wave, with D & E left before breakout to 70+
Crudeoilwti
OIL - PENDING SELL SETUPOil - H1 chart - I see a good sell setup on crude oil with a decent risk to reward. Pending sell limit order at 65.30 with stops above 66.50 (120 pips) and take profit at 60 (530 pips)
Crude Oil Elliot WaveTriangle as part of this idea >
May possibly be one more leg within the triangle for E wave to $61 region.
A, B and C waves of the triangle were all 3 wave A-B-C zig-zag patterns, however, D leg still an ABC looks more like a flat correction (as per the image on the top of this page > stocata.org). If so, may have E leg to come before breakout upwards, towards $70.
Holding no position at the moment, going to let Monday play out but will buy a dip to $61 if one presents itself.
Crude Oil Elliot Wave IdeaUpdate to this idea >
Potentially just broken out of a large wave 4 ABCDE triangle with a target around 70.
Crude Oil Elliot Wave IdeaPotentially impulsive waves up now after breaking out of the triangle and it looks like we're in wave 4 with a final 5th wave to come, before a correction and more upside.
Possibly up toward 64 as per this idea >
Or part of a larger move towards 70 which I'll post shortly.
Crude Oil Elliot Wave Idea I have a couple of triangle ideas, this descending and another symmetrical which I'll try to post later.
This one we're in a descending triangle ABCDE pattern that may have complete E wave last night at 6012. The triangle should break to the upside as the trend prior to entering was up.
May be part of a larger ABC (orange waves) that could double top at 6420 and trendline support, before completing a larger C wave (purple waves) to 1.618 at 5450 area.
The symmetrical triangle idea I have breaks to the downside.
Crude Oil Elliot Wave IdeaSymmetrical triangle idea; may be completing E of the ABCDE pattern and a break out downwards.
Crude Oil Elliot Wave IdeaLooks complicated (or messy) especially if you zoom out but focusing just on the white waves...
1.618 of wave 1 from 6230 to 6066 = 5963 which is roughly where the internal waves in this chart are pointing too >
Crude Oil Elliot Wave IdeaAppears we are in wave 4 right now, correcting the very large wave 3 down from yesterday. Wave 2 was very sharp and short so wave 4 should be extended.
The previous correction wave C hit 1.618 of A to 6190 area...1.618 of this A wave would take C wave to around 6120 before the 5th and final leg to sub 60. Price is struggling to break the 50% fib level currently though.
1.618 of wave 4 is $59,66 which ties in with the higher degree waves (I'll add that chart soon).
Currently short from 6224 and added one at 6188 before yesterdays bearish drop (the largest red 1H candle of 2018)
Crude Oil Elliot Wave IdeaNot really a serious trading idea...
Fridays rise (correction?) similar to the rise/correction after the drop from 664X to 636X back in late January, approaching the same trendline now, will a similar fall in price occur?
The structures are similar, the fall and correction, followed by a huge fall in February. Copying that fall in February (using Bars Pattern tool) to now equates to 1.618 of B wave, coincidence maybe.
Crude Oil Elliot Wave IdeaAn update on this idea >
I think we're still in the wave 4 shown in the above chart. Wave 4 touched wave 1 and started moving downward so might still be alive.
Possibly touch 6016 then correct before finally breaking out of the large triangle towards $58.
This move and the move from 6328 to 5995 are almost identical but current move is a smaller degree.
Still holding a short from 6224. 6208 was closed in profit and I have added two more at 6135.
Crude Oil Elliot Wave IdeaUpdate on these two ideas:
Looks like wave 4 correction now before another leg down to complete a larger wave 1. Depends where wave 4 ends as to where wave 5 ends so plotted some possibilities. Should get a correction for larger wave 2 once wave 5 is completed.
Crude Oil Elliot Wave IdeaMay be a bullish count to consider as part of this idea >
C wave could be a wave 3 and we're in the process of wave 4 now. I think that's what bulls might try to play out.
Currently holding short positions from 6222 and 6208 and planning to hold for my bearish theory to sub $60.
Crude Oil Elliot Wave IdeaA zoomed in view of what I believe to be wave 2 correction as per this chart >
Please read the notes here as I couldn't post a 5 minute chart on Trading View so I put notes on my chart from Investing.com > invst.ly
Based on internal waves 6230 area could be the completion of C wave.
Friday was undoubtedly bullish but in my opinion it could be a rapid wave 2 correction before the next leg down; invalidation point is 6327 (wave 2 crossing wave 1)
Crude Oil Elliot Wave IdeaSlightly zoomed out view of this chart >
5 waves down leading to 5995 had near perfect fibs; 1.618 of wave 1 for wave 3, approx. 0.618 of wave 1 for wave 2 and approx. 1.618 of wave 4 for wave 5.
Strong bearish trendline approaching which could be the turning point for Fridays rise.
Crude Oil Elliot Wave IdeaA zoomed in view of what I believe to be wave 2 correction as per this chart >
Please read the notes here as I couldn't post a 5 minute chart on Trading View so I put notes on my chart from Investing.com > invst.ly
Based on internal waves 6230 area could be the completion of C wave.
Friday was undoubtedly bullish but in my opinion it could be a rapid wave 2 correction before the next leg down; invalidation point is 6327 (wave 2 crossing wave 1)
Crude Oil Elliot Wave IdeaUpdate on this idea >
I think the chances for a move up from here are slim, looks as though we are in a large correction from 6666 to 55 area.
Wave A and B have completed and what looks like wave 1 of 3 of C completed, may now have a correction for wave 2 of 3 of C before what is normally a brutal selling wave (3 of 3).
Crude Oil Elliot Wave IdeaVariation on the previous chart, a 5 wave count that is already completed, suggested by a friend...which fits with a potential head and shoulders, correction to 0.618
Crude Oil Elliot Wave IdeaLooks like we're in the 5th now to 5933.
Perfect fibs hit so far, 1.618 of wave 1 for wave 3, 0.5 of wave 1 for wave 2, 0.5 of wave 3 for wave 4...now potentially 1.618 or 2.618 of wave 4 for wave 5.
I think there we will see a big correction before continuing downwards.
Crude Oil Elliot Wave IdeaLittle update to this idea:
I think A wave is complete (it bounced from 0.382 as per this idea > )
If it is we may correct to the same level as the smaller degree white wave 4 around 6320 (.618 is there too), just as the white wave 4 corrected to 6330 area, the same level as the smaller degree wave 4 (blue waves).
Next could be C wave (or wave 3 in a more bearish count).
Crude Oil Elliot Wave IdeaIntraday idea.
Looks like 5th wave down to complete at 6236 before correction to 50% fib around 6330 (back to wave 4 and trendline test), before next leg down.
Crude Oil Elliot Wave IdeaThis morning crude fell outside of the giant wedge for the first time.
In my opinion two possibilities from here.
1. A correction to 0.618 before wave 3 up towards 68.
2. A deep correction to 54 area.
Weekly MACD looks to be crossing down...
