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Crudeoilwti

Crude Oil Elliot Wave IdeaAn update to several recent and older ideas on Crude Oil: I believe we are nearing the end of wave 1 of 5 and if so could see a correction to mid 60's to 0.618 fib, but could correct higher at 0.382 or 0.5. Wave 3 should follow the correction to at least 1.618 of wave 1. Ultimately I think wave 5 will hit 1.618 of the larger wave 4 (6666/5809) around 72. Daily TSI and daily MACD both bullish and the bullish Harami I pointed out last week seems to be having the desired effect: Check out previous weekly bullish Harami, more green follows :)
TVC:USOIL
by Joseph_King
Crude Oil - Bullish Harami?Not a candlestick pattern specialist but looks like a text book Bullish Harami on weekly; the green candle body formed last week is completely engulfed by the red candle from the week before. "The Bullish Harami is a sign of disparity in the market’s health. The market is characterized by a downtrend and a bearish mood, and there is heavy selling reflected by a red body, which further supports the bearishness. However, the next day prices open higher or at the close of the preceding day and the short traders are alarmed. This leads to the covering of many short positions, causing the price to rise further. The latecomers short the trend they missed the first time, and slow down the rise. Thus, a smaller green body is formed. This may signal a trend reversal since the second day’s small real body shows that the bearish power is diminishing."
TVC:USOIL
by Joseph_King
Crude Oil Elliot Wave IdeaIntraday idea that could be forming part of a larger move upward. Potentially in wave 4 (to 0.382 of wave 3) around $60,00 with wave 5 1.618 or 2.618 of wave 4 to $61,30 or $62,09 Invalidation point is wave 4 crossing wave 1 at $59,70...crossing that point would mean more bearish move down in my opinion and would indicate a possible ABC correction completed to $60,80. No position now. Will wait for this move to play out in full as if it is a bullish move to 61-62 then there should be a decent correction to buy from.
TVC:USOIL
by Joseph_King