USO
Sell CrudeIn my elliot wave analysis of crude oil, I believe there is a great risk reward trade here to the downs side. After making 5 waves down, I believe oil may have just completed an expanded flat for the 2nd wave. This sets up a trade that should be strong in a third wave down. The initial target is a fibonacci ratio of 1.618 of wave I. A more accurate target can be calculated as this move develops.
$UWTI Long - Pure technical analysis.$UWTI and $DWTI are opposite funds that track the same commodity. I analyzed both and came to conclusion that $UWTI is trending bullishly. Secondary support level (dotted line) have been tested several times within the last month or so. So that's where I decide to put my stop loss.
Oil ConsolidationOil may be in consolidation and we have a good setup for a potential ABCD pattern. I would look for resistance at $45.20 and take profit under $44.
With lower lows and lower highs, the chances of the market breaking to the up side are slim, until it creates a new high structure.
$CL_F $USO $OIL (D) Might see a pullback near R1 pivotor near 42.17, an important fib and support test.
Basically we could be in a local Crude bottom for the time being. Profit taking will happen soon. So if 42ish holds, then 50 is a reasonable future resistance target. Otherwise if 42ish fails, then 40 likely, and a nice bear hug for a support test near 35.
More importantly, trade with your rules.
"UPDATE STATUS IN ENERGY" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO CRUDE FOUND BALANCE AND WAS MET WITH SELLERS AT THE HIGH....
WATCH FOR AREA AT 41.80 -40.00 FOR A POSSIBLE LAUNCH TO RETEST THE HIGHS...
WE NEED TO CLEAR THE AREA OF RESISTANCE TO ACT THE $55 MAGNET AREA.
ANY FAILURE WILL SEND THIS BACK DOWN TO THE LOWER BASE
Chesapeake Energy Corp transitioning hereChesapeake Energy has been in a downtrend and under this 200 moving average for almost 2 years. Now that we have cleared this marker will this be the level that springs things to that 9 dollar marker. 6 dollar psychological level as well as 200 moving average need to hold for the bulls here.
DXY LongDXY riding a key level of support. Fib indicated and multi-decade tested. RSI also on a decade long uptrend according to monthly time frame. DXY will depend on Fed pace, however, chart points to bounce from current level.
Looking for entry in USOThese are my targets for possible points I'm looking for. Monday and Tuesday could be down going to remain cautious.
Oil Short ClosedRising wedge broke as expected. Uptrend still not broken however.
Will wait until Monday to enter short/long depending on DXY and news. GL all
Amadeo Ratio 4/22/2016The chances of it going down is much greater than the chances of it going up. We need to watch the lines.
"TAKE A STEP BACK "$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO IT IS ALWAYS GOOD TO TAKE A STEP BACK
AND LOOK AND THE HIGHER TIME FRAME
THE INTRADAY SWINGS CAN GIVE CONFUSION IF YOUR CONTEXT
ISNT FOCUSED
$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO " BIGGER PICTURE' PRICE CAME BACK TO THE "ZONE OF INFLUENCE"
DOUBLE TOPPED AND THEN PANIC FLUSHED THE WEEK HANDS
BEFORE ITS REAL AGENDA.
"SWING UPDATE" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $XOMPRICE PANIC FLUSHS
HITS POTENTIAL SUPPORT.
FORMS INSIDE BAR
THRUSTS UP
THEN RETEST.
"STUDY THIS ..OVER AND OVER AGAIN
Overvalued/Undervalued Ratio 4/20/2016Knowing when to get into contrarian assets is essential to trading in Keynesian markets.
Crude Oil 4/20/2016I hope you are not short oil, because it just broke above a major line. Watch the lines.
Oil formed cup & handle Because there's no agreement and because there is no oil strike this makes no sense to me ... BUT we are going UP so I'm gonna put my money where my chart tells me to. PT 45.13
WTI thru 2016WTI historical patterns support this potential move since this commodity tends to overshoot its highs and lows. The result is a more dramatic return to balance.
Long Term Drop StudyThis is a study of historical drops. Looking at it as supporting the supposition of $60 WTI by years end.
