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Let's wait for the correction / Crude Oil by ThinkingAntsOkUse this as a guide to develop your view of the situation: Main ítems we can see on the 4hs Chart: a) We have 2 descending trendlines, one has been broken, and the other one isn't b) In general, after a structure is broken, we should expect a correction or a retest of that broken structure c) In this case, we will wait for a correction with similar proportions to the two yellow lines we draw on the chart d) If the Price makes something similar to that pattern (it can be a zig-zag / Flat / Irregular / Triangle) we Will be trading long towards the 2nd descending trendline e) By the moment, this is just an analysis let us know what you think on the comments.
NYMEX:CL1!
by ThinkingAntsOk
WTI OIL, Weekly - time for a reboundIn our previous analysis, we mentioned key levels near 161,8 Fibo expansion where also the target for a head and shoulders pattern has been set. Precisely in this chart, the price has bounced back near these levels fulfilling an Elliott wave impulse structure. We may clearly see that the recent drop consists of five waves. As a consequence currently we could expect a rebound which should at least could consist of three waves labeled as abc. The potential resistance for wave a is located at 29,14 USD. When it is finished the market could create another wave in corrective structure - wave b with potential support at 20 USD. After that, the market may create another upward wave - c. ________ Daniel Kostecki, Chief Analyst Conotoxia Ltd. Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
TVC:USOIL
by Daniel_Kostecki
Daily Review: Bitcoin (Yes BTFD)!!!You feeling it yet? The FOMO. Yup, that is exactly what's been happening today across U.S. equities and cryptocurrency. Ignited by Alphabet, Inc.'s stronger than expected earnings report, the market gapped up above the bearish daily close yesterday. Today, I was originally going to review Shopify, Amazon and Virgin Galactic, but last minute I decided to review the cryptocurrency space as my Elliott wave count has now shifted a bit. Now let's get into it Bitcoin . More than a GAP? As I was writing this post Bitcoin had just filled the CME Gap at around $9090. This may be significant a significant top. Since the CME opened its Bitcoin futures, the Gaps have for the most part been filled up. Now that it is filled, what can we expect going forward from the King of Crypto! On the chart above you can see that Bitcoin is knocking right into resistance, a level in which served as the rejection that led to the strong sell off in March. Can Bitcoin continue beyond this point? Absolutely. However, the result could lead to a parabolic run up similar to June 2019. You remember what happened afterward right? The point I am trying to drive is DO NOT FOMO. Bitcoin will pull back at some point. The question is will you be buying? From an Elliott wave perspective please view the chart below. I highlighted each correction. So far, highlighted in blue, between the December 2017 - December 2018 is a zig zag ABC correction (A). Currently, highlighted in grey (b) retraced nearly 90% of (a) and Bitcoin has reacted off the low impulsively. Conclusion: Bitcoin and the broad crypto space are beginning the (c) wave to complete the larger (B) wave. The targets are 90% of the larger (A). So targets are approaching $16,500 - nearly $20,000. It isn't far fetched that Bitcoin return to $20,000. The bigger question is what happens afterward? If this is a large flat correction, Bitcoin could retrace all the way back down to $3,000 after $20,000. Wouldn't that be amazing? I wouldn't bet against it. In the short term, Bitcoin is over extended and heading into the weekend I'd be expecting some shenanigans. Ultimately, I am a buyer on the dip, preferably a dip to the 0.618 fib of the completion of this move up. Bias: Bullish . Finally a Bull Market? MAYBE . Although, I am ready to say BTFD and HODL until approximately $16,500 - $20,000, I am not ready to say that this is the bull run everyone is anticipating. Remember, crypto is still very young and immature. There is a lot of hope riding on a bull run. Loads of people will begin clamoring that Bitcoin is digital gold... etc. What if we just treat Bitcoin and crypto in general as a tech. Similar to all those stock on the Nasdaq the cryptocurrency market has been a leader since the March low. In fact, I'd say the cryptocurrency market has never been so correlated to the stock market. It has nearly gone in lock step all month long. As a final note, some cryptocurrencies I believe will outpace Bitcoin in USD gains are Ripple and Bitcoin Cash. These crypto's have very bullish set ups and I will share them on a later post!
COINBASE:BTCUSD
by DailyClose
Who said that oil matters, anyways?Crude oil, the thing which drives not only the energy sector, but fundamentally drives the economies of large swaths of the planet, is trading at $11 with weeks left on the futures. But the economy is in great shape, here, folks, nothing to worry about. The Federal Reserve can just press a button on its keyboard, add $6,000,0000,000,0000 and the economy is magically wonderful again. NOTHING TO SEE, HERE, FOLKS. MOVE ALONG. BELIEVE WHAT YOU ARE TOLD. /s
NYMEX:CLM2020
by RTradesReal
oil, cl, trading for Apr 24th 2020I find it interesting that I got many comments on my call to remain short oil. I would like to expand on this concept. First thing to point out is no one asked me how I plan to short or, and what part of the oil complex i am shorting, and additionally is there anything in the sector I am long. Second part is the price is low and looks attractive to be long, but the question is how do you get long oil at this time as we deal with a very significant contango situation. Here is my advice, Be very careful!!! and happy to have private chat and even a chat group to discuss the oil structure o complex.
TVC:USOIL
by alleytrader
Oil with stiff overhead resistance. But mostly clear to $23-24.1. Oil futures did not go to zero, dummies. Learn how futures contracts work. 2. Been a while since we've seen $25+ oil, which is why we see the light blue, orange, and purple levels above price. 3. That said, I can't recommend shorting the bottom on oil. Oil from $20 - 23 is a 10% increase, and we're pretty clear to get back to $23-24. You could easily blow out your account if oil prices suddenly rise 10% one day ($20 to $22).
NYMEX:CLM2020
by RTradesReal
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