DislikedAs of this time I think price will go up a dollar or more. Lets see. On hourly the last 2 swing lows are being met with bullish divergenceIgnored
Trading Crude Oil with price action + indicator
{quote} haha l was right about the short.
Some times your right and sometimes your wrong, thats how the games goes.
- #810
- Jul 25, 2016 11:30am Jul 25, 2016 11:30am
{quote} Crude is tricky like that lol. Crude doesnt give a crap that i think it should have gone up.
Crude oil depreciates for the whole month already. Can we see any sign of reversal?
Monthly Chart
We are still developing the bearish impulse A wave on the monthly chart (plotted with aquamarine lines).
Weekly Chart
On the weekly chart (grey lines) we consider 3 possible current options: 
8-Hour Chart
The 8-Hour Chart (chocolate lines) shows us continuation of the impulse C wave taking place now. We have already discussed this before.
Is there any sign of reversal on smaller time frames?
4-Hour Chart
The current C wave down of the 8-Hour Chart consists of a 3-wave structure seen on 4-Hour (aqua lines). The A bearish wave inside this structure took 12 days. The B correction that had a very complex pattern lasted the other 10 days.
1-Hour Chart
A recent bullish correction on the Hour chart that started on July 26, 2016 is only a small correction as its respective high on Awesome Oscillator did not beat the high of the previous correction and has no support from the older 4-Hour time frame.
m5 Chart
The 5-Minute chart shows that the bullish 3-wave abc structure has finished already. Either a new a on m5 is forming now or a corrective wave of some older time frame (say b of m15) is in progress.
So today we do not have any sign of reversal of Crude Oil as per its technical analysis.
Monthly Chart
We are still developing the bearish impulse A wave on the monthly chart (plotted with aquamarine lines).
Weekly Chart
On the weekly chart (grey lines) we consider 3 possible current options:
- a 4th corrective wave up to be followed by a 5th impulse down
- a b corrective subwave within the weekly C to be followed by an impulse down - a c subwave
- a new bullish A of the weekly time frame meaning the beginning of a new up trend
In any way the corrective bullish move on Weekly has not yet changed.
8-Hour Chart
The 8-Hour Chart (chocolate lines) shows us continuation of the impulse C wave taking place now. We have already discussed this before.
Is there any sign of reversal on smaller time frames?
4-Hour Chart
The current C wave down of the 8-Hour Chart consists of a 3-wave structure seen on 4-Hour (aqua lines). The A bearish wave inside this structure took 12 days. The B correction that had a very complex pattern lasted the other 10 days.
1-Hour Chart
A recent bullish correction on the Hour chart that started on July 26, 2016 is only a small correction as its respective high on Awesome Oscillator did not beat the high of the previous correction and has no support from the older 4-Hour time frame.
m5 Chart
The 5-Minute chart shows that the bullish 3-wave abc structure has finished already. Either a new a on m5 is forming now or a corrective wave of some older time frame (say b of m15) is in progress.
So today we do not have any sign of reversal of Crude Oil as per its technical analysis.
- #818
- Jul 27, 2016 10:09am Jul 27, 2016 10:09am
- Joined Jun 2013 | Status: Trader | 3,071 Posts
Progress... {image}
If a firm support bounce happens at target I will consider closing and looking to rejoin on the long side.
Trade Safe