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Crudeoilwti

Crude Oil looks like the bottom has been made (Elliott Wave)Previously I was considering that the up move from 42 levels was a Wave 4 and that we still had a leg down remaining, however it clearly was not the case as that count was invalidated today. The count published in this post is the most likely scenario for WTI Crude Oil. As per this count we are in an impulsive move from the 42 levels and currently in Wave iii of Wave (iii) which suggests that we have a lot of upside remaining. There is still a slight probability that we might get a connecting Wave x which will follow another leg down, however that would only be clarifies in the sessions to come. I will update further as this market progresses.
TVC:USOILLong
by NeeravYadav
US Oil (WTI)- After OPEC production cuts. Oil resuming downtrend after a rally from major support @ $45.25 to the top of the daily descending channel @ $51.75. The recent catalyst for this strong rejection of resistance was caused by Oil news after the OPEC meeting where they decided to cut Oil productions for another 6 months to reduce the supply glut. This is good for Oil prices as supplies have been cut throughout 2017, unfortunately the market was hoping for a longer period of supply cuts from anywhere between 9 months to a year.
TVC:USOIL
by nick.trader4
USOIL IdeaI believe WTI has entered the consolidation zone and is now looking for the correct direction. Experts state that OPEC will continue with production cuts and look to extend them to November but U.S. shale producers and OPEC members not involved in production cuts (Libya, Nigeria, Iran, and Iran due to failing economies) continue to ramp up production. Unless OPEC can come up with an extraordinary measure, I believe Crude Oil will fall below what we saw last week. And the fall we be swift. In the mid term, I believe US Oil will continue to trade between low $40s and mid $50s so i will continue to range trade. Please comment your viewpoints below.
TVC:USOILShort
by Premium_Tendies
8
USOIL pre OPEC meeting movement / possibilities.Here we have possible movement for USOIL in the next week (until the OPEC meeting). The blue frame showed that the huge liquidation that happened a few days ago stopped right at the 2.0 WL, with a huge impulse returning back in. That gave us a major pivot (new C) for the orange frame. Price has been following both since. It has currently bounced strong off the ML of the blue frame (almost touching the 0.5 of the orange - energy point) I believe the following will happen: 1. A small but healthy retrace to the major TL(A) in this swing. 2. If the price continues to respect it, major impulse to break the ML of the blue and 0.5 of the orange 3. Continuation in the swing with big impulses up and small healthy retracements, following the TL(A). 4. OPEC meeting time aligns with the convergence of the TL(A), projected TL(B), MLH (1.0) of the orange frame and 0.5 of the blue frame. 5. There, I expect consolidation and two possibilities: 1. Formation of a new pivot in case of massive selling after the news, dropping to several Support points or 2. Huge impulse up on the OPEC news and continuation on the TL(A) making, quite possibly, a new HOY. 6. However, if we don't manage to pass the blue frame ML and orange frame 0.5, and BREAK the strong TL(A), price might be going to the horizontal TL(C), consolidating there, giving more questions than answers towards more movement. I do think, however, this is a much less likely scenario than the continuous upmove into the OPEC meeting. Entries: Long entry @48.60 to 48.75 / Trgt1: 51.25 Trgt2: 53.00+ (after OPEC for people who want to risk it) / SL: Below the TL(A), wherever that is depending on the time of your entry. I'll be updating maps with each day, following this closely. Good luck with your trading, stay frosty. Nick
TVC:USOIL
by NickBlack
CL on a larger TF / Start of crucial two months for USOILThis shows what, in my opinion, CL might do in the next couple of months. CL will reveal its hand on the day of the OPEC meeting (whatever people think, OPEC WILL create a strong reaction). After that meeting, the candle we get is going to show many things. However, I believe movement after the meeting, into summer, will be much more interesting and violent. It will be very strong, giving us a new HOY or a new LOY. During these months, I will provide maps daily / weekly showing what I think will be happening on smaller TF's using primarily Andrews, Indis and PA. A: If we manage to get above the 1y TL, in my opinion it will drift around it until the OPEC meeting. Then we might see a surge to the TL5, quite possibly will try to take it out. If price manage to get above it, I believe new HOY will appear. If the OPEC candle will be anything like November, it is more than likely. B: If we don't retake the 1y TL2, might retest the low (and TL3) around 44.60, which would on a bigger TF make a double bottom of sort. Then surge into OPEC meeting and the decision in the blue cluster. Looking a bit further ahead, at July, that cluster (blue circle) might be very interesting, and a likely target for consolidation before the most important move in 2017 (after all the geopolitical nonsense and OPEC). If that TL5 isn't taken out with the OPEC candle, it might provide the roof for price and a consolidation zone.
TVC:USOIL
by NickBlack