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
I'm stuck with my long trade still.
{quote} haha l was right about the short.
Some times your right and sometimes your wrong, thats how the games goes.
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 8:09am Jul 27, 2016 8:09am
- 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