CrudeOil - Stretching in a final wave up before collapse to 26$

NYMEX:CL1!   Light Crude Oil Futures
1443 55 49
In Dec1998 when crudeoil was trading at 7$ -no one even thought that it will travel to 147$ from 50$ base. The explosive rally from 50$ to 147$ was in wave-5 & It behaved exactly as bookish structure. In commodities wave -5 is 80-90% time bigger than wave-1 & wave-3- which was the excellent case for the oil             between Jan2007 & July 2008 5th wave scenario.

Always after an extended wave which was wave -5 here -it dropped suddenly & took market bulls for a ride- what a roller coaster ride - so, never forget to carry your pills, which can help you in controling your pukish behaviour so I always suggest work on risk management more as compared to trading strategy as It is important to know where you are wrong & you can cut your losses asap             .

Current Scenario
Moving in wave 4 which can complete in the zone 63-65$ & could be last stretch before it collapse for 26$ & wave-5 within wave-C

Trading Strategy

Short Term Scenario- Against 47$ as support or putting stops below 47$- once oil             starts moving above 50$-we can look for the upside stretch of 63-65$.

Long Term Scenario- Collapse which could turn out to be true in few months or later, but cannot be skipped- kissing the zone 25$ to 30$ shall be minimum distance it travels downside to finish the structure & start a new bullish cycle for 100-115$ zone as the next target zone.

Trade active: 17:31 Hrs 24th March2017

Day Low@22nd March2017 - 47.01$

Got a push exactly above 47$ as per short term trading strategy mentioned above.

Against 47$ or stops below 47$ -we shall for a wave upside. In current Scenario moving above 48.50$ or in the range 47.25-47.75 with stops below 47$ can look for an upside move.

Trade active: 11:07 Hrs 29th March2017

Last Price@48.55

47$ - gave couple of attempts to buy or take long positions

Trade active: 20:33Hrs 29th March2017

Last Price@49.11$

On MCX Crude catches fire - hope it ignites more
Trade active: 08:42 Hrs 30th March2017

Good Morning All!

It was an exciting session yesterday as crudeoil pushed up to a new highs@49.50$ & impulsive move was even witnessed in local commodity Indian Exchange- MCX

It has given a tripple bottom of 47$ - Critical zone for us- Holding that if one gets opportunity to buy in the zone 48.25-48.50 zone if we get retracement next shall be an opportunity to buy for next leg upside.
Trade active: 18:30 Hrs 16th April2017

Last Price@52.91

Going below 52.70- Looking to sell with the new update. I will close this idea if 47$ is taken out downside with 53.77$ intact on the upside.
Trade active: 10:40 Hrs 5th May2017

Last price@44.15$

First Oil rallied from 47$ to 53.75$ -13% Jump

Trade active: 10:41 Hrs 5th May2017

Last Price@44.15$

Fall below 52.70$ from Head & Shoulder Pattern - Oil returned back -infact below 47$ -indicating about its bearish trend next

Trade active: 10:43 Hrs 5th May2017

Last Price@44.15$

Current Oil Picture

Trade active: 07:20 Hrs 26th Oct2017

Good Morning!

Holding the base at 42$ in last 7 months & doing sideways move has stronger possibility of moving closer to 63-65$ as shown in main chart above.
Trade active: 08:03 Hrs 14th Jan2018

Last Price@64.30

Today is an auspicious day for all Indians as our deity Sun moves into Capricorn - It marks the first day of Sun's transit into the Makara (Capricorn), marking the end of the month with the winter solstice and the start of longer days.
We Indians celebrate this as "Makara Sankrati". So, wishing all of you happy Makara Sankrati from India.

CrudeOil - As expected from 42$ base for 63-65$ Range - it made recent high at 64.77$ which is approx 45-50% jump- An amazing journey so far. Next we are watching for weakness in this zone & expecting final leg downside to 20-25$ range but not confirmed yet. Take care & Have a nice Sunday.

Trade active: 20:17 Hrs 30th Jan2018

Last Price@64.35

Started getting signs of top@66.66 - That could be important top if holds on upside & we will be early in 5th wave downside - Can this be a start of the final collapse

Do support -If you are getting help from the outlook.

Trade active: 07:45 Hrs 14th Feb2018

Last Price@59.21

Good Morning!

We saw impulsive fall from 64-66$ to 58$ lows. Halting just above 58$ - can be looked as next support so we book partial profits & take next sell only below 58$

Trade active: 10:00 Hrs 15th Feb2018

Last Price@61.39 $

What a short term bounce holding above 58$ as support - Travels to 61.37$

Trade active: 09:00 Hrs 19th Feb2018

Last Price@62.43$

The Fall 66.66 to 58$ is nearly retraced 50% by recent high@62.45-62.50 -
Can be looked as resistance zone -considering historical highs of 62.58$ on 5th May2015 has a confluence with current levels so we will book profits in short term buy call & shall wait for markets to make its move first.

Further going below 60-75-60.85$ range shall be the 2nd clue that rise from 58$ to 62.50 is all done & we shall look for next leg downside.

Trade active: 15:05 Hrs 21st Feb2018

Last Price@61.17

Correction continues until it dips below 60.75 -60.85 zone as suggested earlier.

Holding 60.75 - 60.85 which was the 2nd clue that correction from 58 to 62.50$ is done and bouncing from 60.92$ suggest that we could go higher in choppy correction upside for target 63.50-64$

Trade active: 22:22 Hrs 22nd Feb2018

Last Price@62.70

Turns upside exactly from 60.75 as expected for 63.50-64$ Target range

Trade active: 14:55 Hrs 23rd Feb2018

Last Price@62.52$

Holding above 62$ or dipping below 62$ & bouncing back above 62$ - we shall look for higher upside 63+ in the zone 63.50-64$

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
cheers Abhi sir .. Me too caught the short term bounce with different setup
@gulz, Nice. Good to have a nice weekend with oil motivation.
Im looking for this BAT pattern to get activated - planning to short if get good price action
@gulz, Cheers!!!
+1 Reply
Do you expect further up move from todays high ?
@gulz, Hi, We will sell only below 58$ - Till the time 58 is taken out downside I will avoid selling & look to buy short term close to 60-60.50 zone or 59-59.50 range if holds for some time as expecting upside against 58$ as key support.
gulz PRO AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks for the update.
Im also expecting short term up move.
It would b nice if tradingview come forward with mcx charts — really need it.
@gulz, TV expanding globally & getting data. MCX is one of them, unfortunately don't have ETA (Expected Time of Arrival) for the same but sure one day India region will get the same. Cheers!
gulz PRO AbhishekHSinghCMT
@AbhishekHSinghCMT, Yes, it would be great -- we had discussed earlier this feature( may b a year back).
currently, I do my analysis on meta trader 4 for mcx crude since data feed for Ninaj trader is very expensive -- let's hope it will available very soon.
Kindly take this feature request to TW
@gulz, You should vote & comment on feature request link - also tell others to vote & comment -maximum votes will help management to consider the request. https://getsatisfaction.com/tradingview/topics/-consolidated-request-indias-mcx-nse-futures-and-options-data
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