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USOil setting a bottom in a larger ascending triangleUsing the weekly and daily chart for USOil, I think that price is setting a third base in an ascending triangle. There looks to be a good area of support at the 42.9x - 43.1x area and will watch to see if price moves up off this support. Watching the HA chart (top) for some type of pattern to signal trend change along with confirmation in indicators. If this plays out, eventual target is 52. Furthermore, this could be the base to a much larger move to the upside. I'm currently on side waiting to see price action on 11/14 - 11/15.
TVC:USOILLong
by mxb1961
Crude Oil weekly price consolidationOn weekly chart, the ADX hit and dropped below 20 almost 11 weeks ago signaling price consolidation. There is no clear pattern for this consolidation yet but the support/resistance lines of 43/52 respectively look like good places to start. Should the consolidation persist, we could see: stoch bounce between 80 and 20 TSI move back & forth across 0 RSI hold between 60 and 40 Daily On the daily chart over the past 3 weeks, we've seen a divergence with price and Stoch, TSI, and RSI. The ADX became overbought (using 35 - 40 as an overbought/sold range on daily). Now, the -DMI and +DMI look like they will cross setting up a change in dominance which would indicate lower prices 4H & 1H These charts look to confirm the short term down move as both the ADX and -DMI have turned up with price moving down.
TVC:USOIL
by mxb1961
Changing my plan for USOilDuring the past month(s), I've posted ideas about crude oil that have all called for some type of ending wave pattern that would flow into a down trend resulting in $25 oil or lower. The actions of price in the past several weeks caused me to revisit that plan and in doing so, have changed how i look at price and indicators. Additionally, it's forced me to eradicate all Elliott Wave and Fibonacci and other type tools from my view. I found that these just led me to telling the market what to do instead of listening to what the market was telling me. With this, I revisited my interpretation of monthly, weekly, daily (23H), and 4H charts on crude. I no longer believe that crude will make new lows but is now setting itself to test highs. I will not try to predict targets but instead look at areas of support and resistance as they evolve in the respective time periods. For now, I'm looking at a point where I can go long crude. Starting with the 4H chart, the ADX has slipped below 20 indicating price consolidation. I think that this consolidation will setup the next bit move up as it did beginning August 26th. This would provide alittle more pullback on daily chart but would set up nicely my bullish interpretation of the weekly and monthly charts. Daily Weekly I think that weekly crude will not look back or see lower 40's anytime in foreseeable future and here's why. In referencing jul 2015 (A), the market was in a major bear market, the TSI, RSI, and ADX were at extremely oversold conditions and the push past 52.2x move these indicators back to overbought for a bear mearket (TSI moved up to 0, RSI moved up to 60 (bear market RSI shift to 60-20 range) and the +DMI did not takeout the high of the -DMI during this push. Additionally, the 50P weighted moving average was down. As the market continued down, TSI and RSI begain to diverge and the ADX began to make lower highs as price made lower lows (divergence). In reference next point (B), the market started to drive off of the low put in place and now, theh 50P WMA has proved some support and has started to turn up. The TSI moved up and has pulled back to 0 during the correction. The RSI pushed up to 75 so now it's rolled over to a bull trend and that implies that 40 will be the new oversold (80-40 in bull trend). Bottom line: 2016 looks like 2007 as far as the indicators go. Q: Will price repeat its action over the next 2 years Monthly Monthly chart does provide a different view of weekly. But, as I'm looking at it, weekly price and indicators are a leading micro view of what monthly will track to. Looking at the TSI and RSI as to where they are now on monthly, I could see these pushing up to 30 on TSI and over 60 for RSI on this leg up. Even though the -DMI is above the +DMI on monthly, a move up to pull TSI and RSI up as noted above could keep the ADX well above 20 and set something up called a change in dominance where a 'V' pattern bottom causes the DMI's to swap or change dominance without any type of consolidating bottom in price. 60 may be a good place for initial resistance but I think the pullback on monthly will look more like the weekly price/indicator action between June 2016 and now.
TVC:USOILLong
by mxb1961
1
$USOIL Short-Term PostulationsUSOIL has established a Bearish Gartley further proving that a short-term correction will need to take place in order for the security to continue its rally or pivot to new lows. Now, with the fibonacci retracement system the most notable levels include both 38.2 and 61.8. Also, momentum and selling pressure seems to be increasing as indicated by the doji. Based on that information, we can conclude that the price will most likely react at either 43.56 or 41.89; I will be shorting to both these levels. Feel free to adjust your selling/buying point accordingly. Furthermore, I advise keeping an eye on your momentum indicators and watching the price action carefully to look for a bullish pivot. Thanks so much for the support guys! You interacting with my charts by either liking or commenting inspires me to continue providing you all with my ideas. Again, it's greatly appreciated!
FX:USOILShort
by UnknownUnicorn253523
8
USOIL Head and Shoulders PatternUSOIL is forming a Head and Shoulders pattern on a medium/long term timeframe; it bounced off of the $26 dollar mark, allowing oil prices to rise to a high of approximately $52 a barrel, paying off handsomely for oil bulls. However, now concern is increasing as over extension and limited profit potential, oil bulls are beginning to take profits as selling pressure increases. I'm going to be shorting this from approximately 46 dollars with a stop loss at around 48 dollars. The first resistance point in question is 37.8 then 26-26.1. I suggest looking for a reversal to confirm the Head and Shoulders pattern. Thank you for viewing my analysis.
FX:USOILShort
by UnknownUnicorn253523
10