Bearish flag, or Starting Wedge? Could be either.
A flag or wedge appears to be forming and could be a bearish wave 4 or a bullish wave 1, a break below $5211 would signal a 5th wave down towards $50 and a break above $5735 would cancel out the 5 wave idea and could see price back towards $65...I personally favour the idea that C wave completed at $5211 and we...
US & Asian Equities Hit Hard as Investors Try to Calculate Impact of Virus
HEADLINE
- Asian Equities fall during the overnight session whipping of most of year to date gains
- Official death toll from the Coronavirus hits 100 as officials have now extended New Year celebrations in order to stem the flow of the virus
- Crude price approaching key level of support...
Update on recent ideas:
Oil is near the 1:1 extension of wave 5 in wave C, may bounce from here as there appears to be bullish divergence.
Lower level at $51,18 is the 1:1 extension for wave C.
Is there a move downward coming in oil?
If you apply 7,4,7 settings to TSI you can see it leads MACD on many occasions (either up or down); highlighted the last 3 big down moves in oil where TSI has turned bearish and MACD followed, TSI on 1W chart has recently turned bearish.
Another attempt at guessing when/if the correction begins, update on below idea:
Possible that 5th wave has ended at 0.382 extension and now a correction to higher levels before another leg down below $57,35
Linked to these ideas:
Follow up on this idea:
Could be that 5 waves down is completed from the $65,65 high, there appears to be bullish divergence on the 5th wave...maybe we'll now see a move up to 0.382/0.50/0.618 levels to complete wave 2 or B, then down for another new low.
Update to this idea
Slight variation as I noticed that when price bounced from 5400 levels it was the 0.5 retracement of the yellow wave 1 I have shown.
If it is a wave 2 retracement at 5400 level then we may have had wave 3 early in the week post Saudi attack and already completed wave 4 at 5765.
There appears to be an ABCD pattern pointing towards 67 and the...
Update on this idea >
Looks like an ABC completed at the $63 high and now moving down it what appears to be a well defined channel.
If my current count is correct then the 1.618 extension is at $50,58 which could present a triple bottom to complete wave C of X(2), then upward to complete wave Z back near $63, or higher.
Update on this idea >
Price bounced near the 1.618 extension and has since made what appears to be a wedge which could be a starting wedge for wave A or wave 1, may see a correction soon before the next impulsive leg.
Update on this idea >
May have completed A wave now (yellow a) and may see a complex wave B correction before breakout towards 60+ for wave C.
Alternative below where wave B (yellow b) is already or almost completed >
USD CAD - I expect correction move UP .It could be a good chance to open sell higer level . In the chart are shown areas of rezistance when move UP . You must only wait to signal .. ,, here my correction trip UP ends . We will update
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