A small timeframe idea linked to these two ideas: Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going. If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen. 4H chart is showing bullish divergence:
An update to this idea specifically: Thinking that A & B of of a larger Y wave are completed and C of Y could begin soon; the red dashed line on this chart is the monthly bearish trendline below: All part of larger degree idea here that the bearish trendline is tested again near $70, back to $50, then breakout of the massive triangle towards $90 >
Update to several ideas below: I think the correction may be over in form of WXY, completing wave B and near to the 0.618 level. Daily chart printed a very bullish pattern, a Bullish Harami Cross:
Update to this idea > May be in wave 4 (of A) now but if price breaks below 5480 then the count is invalid.
Small time frame idea of a correction in crude oil in WXY and possibly a bullish flag.
An update to this idea > I thought we'd see a 5 wave down side move but I think that move is now over as a 3 wave ABC; the down channel is broken and this could be the start of an impulsive move towards $70 before the year ends. Larger timeframe idea here >
Update to this long term idea > It doesn't look like we'll see below $50...$47 was my estimate but it looks like a bullish leg has started which could end near the $70 area at the .786 extension and meet the long term bearish trendline (red line).
An update to this idea with the channel and the potential triangle added > Other parts of the idea below:
Update to recent ideas: Could be in a triangle (ABCDE) or regular correction (ABC) for wave 4 before the 5th and final wave, possibly a similar pattern to before >
Update to this idea > Possibly in wave C of 4
Update to a few recent ideas: Oil may still be in wave 4 and beyond the .236 retracement level but heading towards the .382 level at $55,67; there appears to be a channel down also where wave 4 could terminate before the 5th and final wave below $50.
Update to a few recent ideas: Smaller timeframe > Larger timeframe > Wave 3 could be at, or near an end now with an extended wave 5 (white) of 3 (yellow) hitting 1.414 extension; If wave 3 is over then wave 4 may follow to the .236 level before the 5th and final wave below $50.
Look at the longbuylongsellindicator based script analysis. Here in 1hr and 1w 1d all is in deep red. The 1hr might look like in green buy zone however not,check the strengthmeters that is forming on top as per longbuylongsellindicator that is the sign it will further fall down Wait for it to come down ,before you enter for long. The lbls script is below
Update to a couple of recent theories: Could be nearing the end of wave 3 now as the 1.618 extension approaches. May see some sideways action for wave 4 followed by the 5th and final bearish wave towards $47-$50
Update to this idea > Looks like wave 2 (or B) has completed now in the start of either wave 3 or wave C. If wave C of correction then may bounce and a new high from the 57$ level. If wave 3 then the 1.618 extension is at 53$. I prefer the 5 wave impulse move as it fits my larger timeframe view here >
Update to these ideas: Possibly in the impulsive waves down now, wave 2 up to 64XX then down for impulse wave 3
Slight variation on this smaller timeframe count > Looks like the 5 waves down are complete followed by a rise in price to 0.5 level, before a sell off. Could be wave 2 or B complete which fits with this larger timeframe count >