WTI Crude Oil Reaches a Determination Level on Value Chart

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Elliott wave crude oil value speaking issues:

  • We’re expecting this crude oil value advance to be a corrective and a partial retracement of the October to December decline
  • A wreck to new highs above $58 would possibly push as much as the higher 60’s
  • A wreck under the rage line opens the door for $51 and in all probability $40

Although the rally is huge, Crude Oil’s longer-term wave continues to be decrease

Our earlier longer-term Elliott wave forecast for crude oil from October three recommended a meaningful top may form near 77.31 or possibly 80. We later know {that a} top was once shaped that day at 76.88 in path to a 35% decline.

The next decline to finish 2018 was once sharp and abrupt making it an Elliott wave impulse pattern. We had been a bit of untimely in taking a look on the backside of the impulse development on December 4. That wave ended up being the fourth wave of the bearish impulse leaving another dip to finalize the wave. This impulse development finished on December 24 and crude oil has rallied just about 33% since.

crude oil price forecast using elliott wave theory.

what’s the present Elliott wave for crude oil?

We just lately wrote about 8 scenarios that tend to occur after an Elliott wave impulse pattern ends. Because of the site of the impulse wave and form of the following rally, the upper chance transfer is that crude oil is advancing in a zigzag development (situations 1,Four or 6). Crude oil seems locked into the ‘C’ wave of the zigzag development. As soon as the 5 waves of the ‘C’ wave are in position, we can search for every other primary top to shape.

The February 22 top does entire 5 waves on a smaller scale so it’s imaginable the corrective leap is over. Then again, the period of ‘C’ relative to ‘A’ within the zigzag doesn’t have compatibility the information neatly. Due to this fact, we can believe the February 22nd top as wave (i) of ‘C’. Crude oil has traded sideways since so we’re counting that vary as wave (ii) of ‘C’. A wreck above $58 will construct proof of a rally in wave (iii) of ‘C’. Differently, a dip under the orange development line suggests the temper of the marketplace is converting and will increase the chance a close to time period most sensible is in position for crude oil.

How can I be informed extra about Elliott wave?

Now we have a beginners and advanced Elliott wave trading guides. Print off the ones guides and learn about the patterns. The 2 maximum remark patterns are impulse waves and zigzags. Through figuring out their construction and not unusual Fibonacci relationships, you’ll have a perfect begin to studying Elliott wave.

After reviewing the guides above, make sure you apply long run Elliott Wave articles to look Elliott Wave Concept in motion.

Now not certain if Elliott wave is best for you? Consider it or now not, after I first began buying and selling I couldn’t perceive why technical research labored. Now, I’m 100% technical via Elliott wave. Be told extra about how Jeremy were given began into Elliott wave from his podcast interview on Trading Global Markets Decoded with Tyler Yell.

—Written by way of Jeremy Wagner, CEWA-M

Jeremy Wagner is a Qualified Elliott Wave Analyst with a Grasp’s designation. Those articles are designed as an example Elliott Wave implemented to the present marketplace surroundings. See Jeremy’s bio page for fresh Elliott Wave articles to look Elliott Wave Concept in motion.

Speak about this marketplace with Jeremy in Monday’s US Opening Bell webinar.

Apply on twitter @JWagnerFXTrader .

Contemporary Elliott Wave research you could be fascinated by…

Gold and Silver Trade on their Heels

NZDUSD Elliott Wave Analysis: Triangle Takes Over

8 scenarios after an Elliott wave impulse pattern completes

Jeremy’s podcast Interview on his progression to being 100% technical through Elliott wave

USD/JPY Technical Analysis: 3 Year Pattern Complete?


2019-03-04 19:39:00



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Crude Oil Nails Trendline; This is a Big Level

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Daily (LOG)

Crude Oil Nails Trendline; This is a Big Level
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update remarked that “crude is crashing. The 200 day average is right here but the trendline is just above 47. If that doesn’t hold, then 37 (61.8% of rally from February 2016 and August 2015 low) is probably in the cards.” Low thus far is 47.07 so if crude isn’t going to spill then it needs to turn up now. A close back above the 200 day average would be a positive sign (a la what happened in August and November).



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Crude Oil Trendline Hold and Trying to Establish above the 200 Day Avg

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Daily (LOG)

Crude Oil Trendline Hold and Trying to Establish above the 200 Day Avg
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update remarked that “low thus far is 47.07 so if crude isn’t going to spill then it needs to turn up now. A close back above the 200 day average would be a positive sign (a la what happened in August and November).” Crude closed above the 200 day average on Wednesday. Given the dynamic, I’m positive on crude.



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Crude Oil Still above the Trendline

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Daily (LOG)

Crude Oil Still above the Trendline
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Low thus far is 47.07 so if crude isn’t going to spill then it needs to turn up now. A close back above the 200 day average would be a positive sign (a la what happened in August and November).” Crude continues to trade around the trendline and 200 day average. I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows).



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Crude Oil Still above the Trendline

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Daily (LOG)

Crude Oil Still above the Trendline
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Low thus far is 47.07 so if crude isn’t going to spill then it needs to turn up now. A close back above the 200 day average would be a positive sign (a la what happened in August and November).” Crude continues to trade around the trendline and 200 day average. I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows).



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Crude Oil – Trendline Hold or Bust

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Daily

Crude Oil – Trendline Hold or Bust
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Crude continues to trade around the trendline and 200 day average. I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows) and maybe even a 37 handle at some point (61.8% retracement and August 2015 low).



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Crude Oil Sports Bullish Wicks above Trendline Support

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Daily

Crude Oil Sports Bullish Wicks above Trendline Support
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-No change on crude other than adding that the long wicks on the daily candles are indicative of support. “Crude continues to trade around the trendline and 200 day average. I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows) and maybe even a 37 handle at some point (61.8% retracement and August 2015 low).”



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Crude Oil Rally Will be Tested above 51

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Daily

Crude Oil Rally Will be Tested above 51
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-“I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows) and maybe even a 37 handle at some point (61.8% retracement and August 2015 low).” Now that’s a hold! Lows from January and February stretch from 50.69 to 51.25. The upper end of this range looks like the ‘best’ level for resistance (trendline intersection).



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Crude Oil Rally Faces First Test Since March Low

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Daily

Crude Oil Rally Faces First Test Since March Low
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-“I’m positive on crude as long as the trendline holds. Now that’s a hold! Lows from January and February stretch from 50.69 to 51.25. The upper end of this range looks like the ‘best’ level for resistance (trendline intersection).” Crude is a few ticks from the upper end of the noted range. As such, respect potential for a pause in the move higher but the broader constructive outlook remains.



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Crude Oil Firms into June and October 2016 Highs

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Daily

Crude Oil Firms into June and October 2016 Highs
Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-“I’m positive on crude as long as the trendline holds. Now that’s a hold! Lows from January and February stretch from 50.69 to 51.25. The upper end of this range looks like the ‘best’ level for resistance (trendline intersection).” Crude is above the top of the noted range and trading at the highs from June and October 2016. As such, respect potential for a pause in the move higher but the broader constructive outlook remains.



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