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Crudeoilwti

Crude Oil Elliot Wave IdeaUpdate to this triangle idea > Looks like a running flat ABC correction, check out Bulkowski site > thepatternsite.com Image on the right of the page "Bull Market". Bulkowski does mention that in a running flat, wave B stops beyond the start of wave A, and wave C falls short of stopping near the end of wave A. Wave B didn't stop beyond A here but I'm not sure if thats a strict Elliot Wave rule or not. If it's wave 5 up now then between $69 and $72 depending on where you apply the fibs (from A or C)
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by Joseph_King
57 - 60 Maybe This is a tough one, in a long time I am bullish, however I do not like how it looks right now. We are in an area of great resistance that can not cross. She needs something that pushes her, without it is very likely that we visit the 60 or even lower. For now 64 looks like a good option, anyway I have a good level to stop.... then evaluate the conditions and decide the next step. I'm not a fan of 1hr graphics, however I'm trying to adapt to be able to help "Day trading" friends. "Money cannot consistently be made trading every day or every week during the year." J.L Best wishes!!
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by normstock
Crude Oil Elliot WaveTriangle as part of this idea > May possibly be one more leg within the triangle for E wave to $61 region. A, B and C waves of the triangle were all 3 wave A-B-C zig-zag patterns, however, D leg still an ABC looks more like a flat correction (as per the image on the top of this page > stocata.org). If so, may have E leg to come before breakout upwards, towards $70. Holding no position at the moment, going to let Monday play out but will buy a dip to $61 if one presents itself.
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by Joseph_King
Crude Oil Elliot Wave Idea I have a couple of triangle ideas, this descending and another symmetrical which I'll try to post later. This one we're in a descending triangle ABCDE pattern that may have complete E wave last night at 6012. The triangle should break to the upside as the trend prior to entering was up. May be part of a larger ABC (orange waves) that could double top at 6420 and trendline support, before completing a larger C wave (purple waves) to 1.618 at 5450 area. The symmetrical triangle idea I have breaks to the downside.
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by Joseph_King
3
Crude Oil Elliot Wave IdeaAppears we are in wave 4 right now, correcting the very large wave 3 down from yesterday. Wave 2 was very sharp and short so wave 4 should be extended. The previous correction wave C hit 1.618 of A to 6190 area...1.618 of this A wave would take C wave to around 6120 before the 5th and final leg to sub 60. Price is struggling to break the 50% fib level currently though. 1.618 of wave 4 is $59,66 which ties in with the higher degree waves (I'll add that chart soon). Currently short from 6224 and added one at 6188 before yesterdays bearish drop (the largest red 1H candle of 2018)
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by Joseph_King