$CL_F $USO $DWTI $UWTI $Oil $XLE "CRUDE SEARCHING FOR BALANCE" CRUDE is getting pulled up to higher "Price Flow areas....Price shouldn't take the low of the three bars back...if it does the trend is suspect.
DWTI
CRUDE "ROADMAP"LAYING OUT THE PROBABLE PATHS OF PRICE
$26.06 -23.80 AT SUPPORT...WEEKLY CLOSES ARE SHOWING BUY TAILS.
LOWER TARGETS ARE STILL POSSIBLE 35% CHANCE
PRICE ACTION WILL CONFIRM ITS PATH.
"CRUDE UPDATE"Time Window is there.....pullback or melt up to the Harmonic Levels......
Inside Day today possible forming.
Again, a text book #oil reversal. Waiting for tomorrow's numbersOil is bearish. A text book trade. Congratulations if you are following the trend. Don't think for a second that it has bottomed yet. Before entering in any trade, watch tomorrow's oil inventories.
UPDATE"ON POTENTIAL SUPPORT"ODDS FAVOR A BOUNCE...POSSIBLE RETEST OF THE LOW
OR FALSE BREAK DEEPER INTO THAT AREA.
POSSIBLE "PATHS OF PRICE"A BREAK ABOVE CAN LEAD TO TARGETS OF $45-$48 IF NOT HIGHER
OR ANOTHER NEW LOW TO $18-16
If Oil, gold and SPX stay linked, here is one possible set of paLEFT CHART Oil: I expect oil to hit the top of longterm channel (orange line) where it will likely be rejected softly, then break it again and retest... at about that point the 20DMA may cross the 50DMA which will cause a strong surge (like the past gold rush)... my PT 36,09 but could be higher.
MIDDLE CHART Gold: Looking for a possible H&S here, with a breach back into the long term channel, some flux for a bit and then the BIG move many believe is coming.
RIGHT CHART SPX: May test the middle of the W 1933ish is the next few days and then some flaggish movement towards a 50% retrace of losses from all time highs. Final PT 1973 with a sharp decline right after.
Since these 3 have had related movement patterns, I've done them all together - which could of course go WAY off course if any correlation breaks or changes... just some ideas if we stay on the same track for a bit.
CRUDE "WEEKLY VIEW"WEEKLY PERSPECTIVE....
26.06 - 23.80
MIGHT CAUSE A REACTION.....LOWER TARGETS OF COMPLETION ARE STILL IN "TIME"
$CL_F $USO $DWTI $UWTI $OIL $XLE $DTO $UCO $CVX $XOM $HAL $EXXI $SCO $ETE $XOP
"25" IS THE MARKET BOTTOM THEY SAY........TAKE ANOTHER LOOKBe prepared for anything.....Markets can go lower and extend faster than most people think.
"25" may bring a short term bounce if it gets there. Only follow "The Language of Price". It is all that matters.
UPDATEFOLLOWING THE PATH...POSSIBLE SHORT TERM BOUNCE...PRICE ACTION MUST CONFIRM BUT STILL 26.60 LOOKS VERY POSSIBLE ON THIS SWING TARGET
CRUDE UPDATEINSIDE DAY INTO TIME.... FORMED A BEARISH REVERSAL....CAUTION AT THE BOX....
MANAGEMENT MODE
The Intermediate Bottom In Oil Is Likely TodayAs long as today closes the daily candlestick at a price of 30.57 or higher, the resulting inverted hammer formation is a signal of a potential bottom in oil prices. My price target remains the macro trend line resistance near $34, with a longer-term price target of $39-40.
Worth a try longing the oil no one wantsMadness..... oil holding on to $30 right now.
Make or break here, with tight stops.
Meet the most obvious trade ever! Natural gasDouble gapping top in a short closing rally.
Makes it a very obvious re-short. Buy January 15, $8 PUTS at 0.15 each for maximum gain.
opcalc.com
USOILBreak out of the trend line shows promise for USOIL. Look for a rally and play UWTI to get the biggest band for the buck. Energy sector jumping higher here. GUSH is up 21% today.
DWTISometimes you can learn more from an inverse fund, than looking at the underlying stock. Looks to me that Oil is bottoming here. DWTI looks to be at a near perfect double top. RSI is overbought and volume is drying up. Maybe getting close to a long position in OIL using UWTI. Long OIL.........
