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Zig Zag corrective pattern and the Case study of Natural GasHello Friends, Here we had shared some major points and characteristics of Zigzag Correction pattern of Elliott waves. Also we had shared real example chart study of zigzag pattern as a case study of NaturalGas, in which their are some principles and guidelines, which are perfectly going through in chart of NaturalGas. Principles and Guidelines of Zigzag correction pattern 1) Zigzag correction pattern is a 3 waves structure which is labelled as A-B-C 3) Subdivision of wave A and C is 5 waves, either impulse or diagonal 4) Wave B can be any corrective structure as 3 subdivisions 5) Zigzag is a 5-3-5 correction structure Fibonacci measurements Wave B is always contra trend which generally retraces near 50% or 61.8% of wave A, and can also retraces up to 85.4% to 90% of wave A Wave C can generally be expected near 100% of wave A, but sometimes if it is extended then it can show 123.6%, 138.2% or up to 161.8% also. Sometimes if wave C is truncated then it can be near 61.8% of wave A. But ,If wave C is going more than 161.8% of wave A, then we should be cautious, because it can also be some kind of impulse wave instead of corrective wave. Case Study of Natural Gas Natural Gas almost done as expected till now as per zigzag corrective pattern, it would not be wonder if it looks to be doing a double correction higher in wave (ii) bounce & can see 2.786 level sometimes in next week before turning down as a wave (iii) of 5 of (C), On lower time frame if it doesn't crosses high of March 2023, then it can show some down moves to complete wave (iii), (iv) and (v) of 5 of bigger degree wave (C). After big correction as zigzag pattern which had already reached extreme levels in wave (C) which is more then 123.6% of wave (A), so now anytime it can start fresh impulse moves towards north directions, so instead of finding selling opportunities, one should try to find buying opportunities only after confirmation, and confirmation is price crossing high of march 2023, once its crossed peak point of march 2023 then no selling is recommended, then its only buy on dips with invalidation levels of Low of April 2023 as a stoploss, because it must be ending the bigger correction from last year peak, and can be taken as fresh impulse is started. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NEducation
by RK_Chaarts
4
USOIL.F ANALYSIS ( Crude Oil Prices )ANTICIPATION OF FED DECISION The Federal Reserve is meeting this week to decide on a potential interest rate hike. While analysts agree that the central bank will maintain its rates for the first time since March 2022, investors are focused on the tone of the announcement. If the Fed hints at further rate hikes later in the year, as many predict, oil prices could decline further🔻📉. GLOBAL ECONOMIC CONCERN The Eurozone has entered a technical recession, and there are concerns about the U.S. economy facing a similar fate due to potential interest rate hikes by the Federal Reserve in response to high inflation. The economic data from China, the world's largest oil importer, also showed a decrease in exports for the first time this year, raising concerns about short-term global oil demand. TECHNICAL ANALYSIS As per the technical analysis of USOIL in a DAY-TF,WEEKLY-TF & MONTHLY-TF are showing downtrend ( STRONG SELL ). Apart from this, Moving Average ( MA5 (SELL 69.28), MA10(SELL 70.47), MA50 ( SELL 73.88), MA200 (SELL 78.20)) & Technical Indicator ((RSI(14)SELL), (STOCH(9,6)OVERSOLD), (MACD(12,26)SELL)) are showing strong sell.
BLACKBULL:USOIL.FShort
by tradewith_ritik
Is Crude Oil rallying its way to hit $140?Commodity Samachar, Pune – On Monday, we saw a drop in the crude oil rate just in the afternoon, but the reason behind it is something truly exciting. On Monday, the price of oil fell $2 just 2 days ahead of the US. FED meet. This was coupled with the concern about China’s fuel demand growth and Russian crude supply weighted on the market. As per several indications from market sources, they expect that the US central bank will leave interest rates unchanged when it concludes its 2-day monetary policy meeting happening this Wednesday. In other news, Goldman Sachs has lowered its price estimate for Brent crude to under $90 per barrel by the end of 2023 after 2 previous reductions. This has been done due to the weak data arrived from China, one of the world’s biggest oil importers. The final blow to crude oil came from news arriving from Iran. Oil prices fell in the Asian trade after Iran’s supreme leader said that the country was open to a deal with the West over its nuclear programme. Ayatollah Ali Khamenei, the Supreme leader mentioned that a deal was a possibility if Iran’s nuclear infrastructure was kept intact. The comment by Khamenei paved the way for fear pertaining to a nuclear deal among oil traders given that it could flood the market. Monthly Chart Outlook – Crude Oil: On Monday, technical analysts at Commodity Samachar witnessed a rally going on up to a higher level from a lower level. From that point onward, it hit a high of 123.66 points. After consecutive highs, there was a significant fall in crude oil prices. Currently, it is trading at a rate of $68. However, we expect that it shall remain in between the $65 – $61 range and there will be a buying opportunity with a positional stop loss of $40. Traders can initially see an upside target of $110 and it will stretch to $125. Finally, crude oil will rally and reach a magnificent high of $140. Traders will be able to see such a high level in the market. All traders should anticipate something big on the way. A Fibonacci extension is being seen in the current crude oil chart. The Fibonacci extension that’s forming will hit its first target of 0.38%, then it will follow the trend and hit 0.50% and the final target would be 0.61%. For crude oil to reach its target, it shall be completing 24-36 months. We are expecting crude oil to reach a target of $140. Crude oil’s Initial resistance at $75 many questions remain to be answered. We’ll be back with updates on this sensational news. Commodity Samachar Learn and Trade with ease
MCX:CRUDEOIL1!Long
by commoditysamachar
CRUDE OIL CHART on WEEKLY BASIS through Elliott wave & NEO waveCRUDE OIL CHART on WEEKLY BASIS through Elliott wave & NEO wave Impulse wave completed (5 wave /1 to 5). In this pattern 5th wave was longest wave Now on present wave on corrective phase i.e. Advanced Elliott wave (Neo wave) Upside move target 88. but if it break "ob" trend line thats only possible Note: Crude falling means globally crises to be happed. Its not good indication for stock market. Even Indian Market for good, although not much more fall. Its only for education purpose
TVC:UKOILShort
by pnjakh1984