BRENT - UKOIL Hadi Irani NEOWave Analyst 2020-03-21 BRENT - UKOIL Hadi Irani NEOWave Analyst 2020-03-21
UKOIL-USOIL
Crude Oil Elliott Wave IdeaUpdate to this idea:
Looks like a wedge has formed and could indicate an ending diagonal; the .236 extension is at $17.82.
There also appears to be bullish divergence.
Crude Oil Elliott Wave IdeaIs there one more low to come for Crude?
With this count wave 3 of 3 (white) touched the 2.0 extension and wave 5 of 3 stopping near the 0.618 extension.
If we are in wave 4 now price could reach $33,92 (0.382) or $37,03 (0.5) before another leg down in wave 5 below $20. Price has already reached 0.236 which is also a common wave 4 level.
Crude Oil Elliott Wave IdeaIf this count is correct there have been 5 waves up from the $43,80 low and could now be in a correction that could dip down towards $45 before up again for either wave 3 or wave C
UKOIL- when to buy?Downside momentum continues, no sign of reversals YET. Monthly, Weekly, Daily all in a downtrend. possible short term buys, if we see price rejecting around daily/weekly channel support.
Crude Oil Elliott Wave IdeaUpdate on these long term ideas:
Oil breached the long term trendline but stopped at another one (below) and at the 1.414 extension exactly. My theory is the bottom is in here and possibly move up towards $60 again as part of a complex corrective move; a break above $5060 would help.
Crude oil LONG BUYING POSITIONTake profit from 53
Take profit from 54
Take profit from 54.50 - 54.85
symbol US OIL Or Crude oil
Crude Oil Elliott Wave IdeaUpdate to below idea:
Thinking that a starting wedge maybe forming within a channel up, 5 waves consisting of ABC for each wave which means wave 4 could overlap wave 1; Wave 3 of C (orange) hit 1.272 extension exactly and in the same area as 1.618 of wave 1 (white), could see a pull back towards $52 if this theory is correct.
Looks like inverse Head and Shoulders pattern This formation looks as a very classic inverse Head and Shoulders pattern. though I do not trade WTI , but want to capture this to see it realizes
Long and Short OptionsCurrently near the bottom of 2 trend channels.
If these do not hold, price should resume the selling down to 45.3x and then 42s
A bounce at these current levels could bring price back up to mid 50s.
OPEC decision to extend or deepen cuts should also be releases today.
Crude Oil Elliott Wave IdeaPurely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC).
Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave), then the larger degree C wave to new lows.
With Gartley removed >
Gartley on its own >
Crude Oil Elliott Wave IdeaUpdate on this idea:
Price went beyond the 1:1 extension but seems to have turned now close to 1.272 extension, possible that an ABC is completed here.
Monthly trendline was touched also:
Other ideas linked to this one below:
Oil Sees Gap Lower Monday Open Whilst China Equities Drop -8%Headlines:
- China CSI300 plunges -8% as fear of Coronavirus hits market after New Year Holiday break concludes
- Oil Futures gap -1% lower on Monday open as markets reel from weekend news
- Sharjah National Oil Corporation announce discovery of gas field being the first find in on over 30 years
- Coronavirus death toll reaches over 350 and confirmed cases of 17,000 globally
A chance for oil to come back!There is a big chance of seeing a nice return in oil in the next days up to 64+ on UKOIL/Brent
Crude Oil Elliott Wave IdeaBearish 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 see higher prices from here.
An update to previous ideas below:
Crude Approaching Important Daily Support at $52 per barrelUS & 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 on chart
Crude Oil Elliott Wave IdeaUpdate 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.
Crude Oil TSI/MACD IdeaIs 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.
Crude Oil Elliott Wave IdeaAnother 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:
Crude Oil Elliott Wave IdeaFollow 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.
