Looks like a triangle is forming which could indicate wave 4 with a 5th wave to come to mid $40's. May see a rise back to the top of the triangle, though E wave can fall short of the upper trendline in some cases.
Brent (UKOIL) In a Good Area for a Relief Rally
OIL, Time for Pullback came Price just made fake broke of 10 — months low Open a Buy near $61.90 Goal is $67
Not an Andrews expert but price stopped exactly at the lower MLH for this Modified Schiff pitchfork. Any Andrews experts can confirm if this fork is valid? Zoomed in >
Update to this long term theory in Crude Oil > Big bearish wave since hitting 7689 which could be C wave as part of a bigger wave 4. Long term channel bottom and the median line parallel of the pitchfork shown could be a good buying area around $58/$59 for a wave up towards $80.
Lower timeframe of this idea > Looks like a big wedge (ending diagonal) is forming which could be for wave 5 of C (C shown in the link above in green) which could mean that the down trend in crude oil price is nearing an end. Ending diagonal often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam (15$ drop in 4...
Update to this idea > Possible ending diagonal
Looks like a triangle is forming which could mean a wave 4 with wave 5 to follow to complete a larger full set of 5 waves around the 6100 area, then a correction. If its not a triangle and breaks upwards it could mean the 5th wave (yellow V) is completed already at 6118.
A slightly wild variation to this long term bullish theory on Crude Oil This idea is a bit wild but there are similarities between 2007/08 and 2017/18, explained below in screenshots. 2007/08: There was 3 months of sideways price action from November 2007 until January 2008, followed by a large rise in price that then corrected to the 0.5 Fibonnaci level. As...
Most of the time the longbuylongsell and profit Max early gives confirmation for entry long or entry short and almost all the time this is working good . Once the BackGround color changes to Green UKOIL will be long entry as per LongBuyLongSell and Profit Max .Happy trading Related ideas below.
Update to this idea > Since 7130 broke the regular impulsive waves are now invalid (wave 4 crossing wave 1) but I think theres a chance that an ending diagonal could play out. There is also potentially bullish hidden divergence on the MACD histogram; price can drop all the way down to the last swing low around 67 and this hidden divergence can still be valid.
An update to long term theory > It looks like wave 3 of 3 of 5 is completed so may pull back soon to .236 ($73,92) or .382 ($72,80) before the next leg up. Interestingly in a variation of the same long term theory we hit the .382 extension at $75,75 > This is using the fib extension from the start of wave 3 at $45,67 to the top of wave 3 at $75,27 and end of...
An update to this idea > I think we may have completed wave 2 at $67,90 (0.5 of wave 1) and now in the early stages of wave 3 towards $79, possibly nearing the end of wave 1 of 3.
An alternate to his idea > And part of this idea > This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high. If the base channel (blue) holds at the .382 level next week then we may see a 5th wave to to $70 area to complete a larger wave 1, followed by wave 2 to the 0.5 level before wave 3 to...
A follow on from the is idea and possible count for sub waves of wave 4 >
The bigger picture for this idea > And follow up from this idea > If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. Ultimately the invalidation point for this count is wave 4 crossing wave 1 at 6636, however, if the base channel breaks I think bears might have control. The blue...
An update to a series of ideas that have crude in bullish waves up towards $75. 1D > Recent chart with subwaves prior to this current chart > If crude completed wave 3 then may see a correction back for wave 4 before up for wave 5; invalidation point is 6815 (wave 4 crossing wave 1). 1.618 extension at 6946 has not been met yet so may rise further before the...
An update to this idea > If this is subwaves of a bigger wave 3 subwave 2 (white) corrected to exactly the 0.618 level at 6734 and wave 3 may extend to the 1.618 level at 6947.