It looks like a abcde formation is complete. I expect UKOIL to exceed the top marked III in orange
UKoil came down as expected - see Houston we have a problem. Currently the price is between the 50 EMA and 100 EMA. RSI is below 35 and the StochRsi is showing signs of exhaustion and diversion is coming up. The target of the Sept /Oct 2015 high is still fresh in the minds of the bulls and they had a day rest so I expect NY bulls to take charge shortly. My...
The StochRsi is showing divergence. A three wave correction can (note can) be already in place. News is coming which might give this pair the necessary impulse in a direction that we need. Look for the breakout to the downside to start wave v. The alt will be a bigger structure to complete iv
The bulls have worked very hard. The problem at the moment is that the Sept/Oct 2015 high was 54.29 and 54.03 respectively. WTI was 50.39. So today the bulls pushed very hard and the WTI level was exceeded BUT Brent did not make it yet. RSI is showing signs of divergence and correlating Forex pairs are tired and ready for a retracement/correction. Cushing oil...
Chart has notes Looking for a low below blue wave A of the yellow B leg correction Keep a lookout on the Oil price reaction
This is what I was referring to. (Dont know how to add new chart to old one) Maybe someone can tell me if I am wrong on this one
We had the DOHA meeting with a nice gap down but prices recovered and exceeded the gap. Macro: Technically we just above the weekly down channel and in the middle ? of the daily up channel. In my opinion we are therefore in a Consollidation period. The world cannot agree agree on oil prices. OPEC cannot agree. Producers cannot agree. The Yen is stronger than the...
Brent oil completed the 3rd wave in an Uptrend. According to me I believe wave 4 down as correction should be complete. Due to the meeting of today I consider this correction wave to be completed on Friday market close. BUT due to the NON Agreement on production this will have to be re considered. This whole move from the 37.32 up to 44.91 COULD be considered as...
My attempt at Elliot wave on UKOIL (Brent)