Oil might be in a triangle for wave 4 (white), break out downwards might occur if it is wave 4, possibly hitting one of the extensions around 58/59/60, depending where wave E of 4 ends.
Update on this idea > Oil hit 1:1 extension (measured move) and strong resistance, possibly completing a correction to the fall from $76,88 to $42,40. Could now start the post correction impulse waves. Weekly candle looks like a bearish pin bar and possible bearish divergence on MACD:
The price of brent crude oil (UKOIL) seems to be moving in an uptrend of late. This is because Saudi Arabia decided to take matters into their own hands and cut production, forcing the market to drive prices up (basic economics of supply and demand!). This is also coming at a time when the whole world seems to have forgotten about the bear attack on oil last year...
Hello lads! It's time for a new UKOIL analysis! As we can see RSI9 is +80 in one day chart which means UKOIL is clearly over bought. Before I'm hopping to any conclusion instantly I always double check if there is more notable things. This time (not available in the chart, sadly) ADX gives 30~ ish which means UKOIL is on strong trend at the moment but judging...
Several important things converge on UK Oil price (on weekly chart) creating probabilities for the south on most lower time frames: 1. Original Grade A ATR switch for the south. 2. Bullish rebellion into a near 61.8% Fib 3. Weak squeeze momentum rebellion (so far). 4. Horizontal zone of congestion near recent price. 5. VMA resistance level. Note that VMA and...
Oil hit measured move (1:1 extension); could see a move downwards from here, impulsive or part of a more complex correction
Follow up on this theory > Appears the correction is in full swing now, looks like a WXYXZ completed for the white B wave shown in this chart > Very difficult to get anywhere near to predicting a complex correction such as WXY or WXYXZ but I'm thinking something like shown in the chart here, down towards to 50% Fibonacci level, then up to $60+. There is a...
UKOIL also following the global economy lead.. DOWN!
Update to long term correction ideas. Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly. It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up...
Could be completion of an ABC correction at 5738. Alternate is only wave 3 of impulsive move was complete (in red), if price turns up from the .382 level there could be a 5th wave and a new high. There appears to be bearish divergence on daily timeframe so a new low may occur which would fit with the ABC
Update to this idea Could be in the final stages of X (blue). Sub wave Y (yellow) should be at least equal to subwave X (yellow) so maybe a double top of a slight new high before the next leg down.
Update to long term correction ideas: Some notes on the chart.
Follow up on recent ideas: Looks like the final corrective wave (Z) is underway, small timeframe count, could be nearing the end of wave 5 of A of Z
Weekly candle on crude oil closed as a bearish engulfing > www.candlesticker.com Definition This pattern is characterized by a large black body engulfing a preceding smaller white body, which appears during an uptrend. The black body does not necessarily engulf the shadows of the white body but totally engulfs the body itself. This is an important top reversal...
Update to this idea Could be that WXY has completed at 5177 but I think it will drop one more time to the .382 level so it could be a more complex WXYXZ.
Follow up to a couple of recent ideas: Possibly in a complex WXY correction with X wave either completed at 0.5 fib level already, or another move up to a higher fib level before the next wave (Y) down.
Update to this 5 wave count > And internal waves of A in this larger degree count > Even though oil hit the .382 level at $55,57 it retraced and climbed a little higher, I think there is still a little more to come, the .382 extension from wave 1 is at $55,91, from there A may be completed before a larger correction back to where the move the $50 mark started,...
Possible triangle in Crude Oil. Below 55 would invalidate the pattern.