WTI looking for Bounce to short more: US Crude Oil to drop more
Diupdate
This is an idea to ADD to my Shorts.
I originally went short per this plan:
Now looking for spots to add more shorts, because I am pretty sure it will dip some more, hopefully to the targets shown.
I originally went short per this plan:
Now looking for spots to add more shorts, because I am pretty sure it will dip some more, hopefully to the targets shown.
Catatan
Got a bounce down EXACTLY where I expected.Entered a quick short scalp, but closed in tiny profit because I think it might go up to the next band (my middle red arrow in original chart). Will look to short a little higher due to measured momentum upwards looks strong.
Here is my short scalp and explanation of my thinking:
Catatan
Wow, the power of FibsCatatan
As I figured, price has broken above the 65.54 zone after couple of tries.Now I will be watching the 65.85-65.94 zone for signs downtrend resumption.
Catatan
Price is inching its way up to the next zone of interest.That after breaking a hard resistance at 65.54-.56 and retesting it.
If it reaches 65.85/95 and starts to drop, I will be measuring closely to try and guess whether that drop looks like a (B) wave or start of a new impulse down.
Catatan
Here we are, at my next zone of resistance, already showing some validity.I may will pull the trigger here, but so close to London Open time is the concern:
ie: will 2.5 hours move it in my direction enough to jamb stop and BE and let the London Boys do what they will? pondering.......
Catatan
Uh Oh! just found this. See notes on chart.Looks likely to hit the top of my immediate red zone rather then just the bottom.
If it pulls much below the 2.618 in this chart, I might jump on short.
But most likely it will drift upwards to 3.618 by about London Open, then hopefully DOOM :)
Catatan
Knocking on the 3.382, which caused a pause.But 3.618 is clearly within reach before London Open and bulls will keep pushing I think.
Please tee it up bulls, Cant wait for the UK Boys to SLAM this thing :) (hopefully)
Catatan
PING! Shots fired from the 3.618 bunker.Catatan
Stops jammed at BE. Bring it on London!!
This still looks bullish, so if the stop gets hit with tiny profit, I will keep my ammo for market opening bell.
Catatan
Moment of truth here: stuck between the recent 2.618 (which almost always gets tested) and the bigger picture fib zone above (notice the EXACT ping of red zone bottom). If it pings around in this area for much longer, it will EXPLODE out. Wish I knew which way :(Catatan
The entire Universe works within the Golden Ratio.Catatan
Getting back top this snap from a couple hours ago:We are now looking at first possible bounce to start (B) of correction:
I may well close my scalp short here if that 65.56 holds.
Catatan
After some fighting, my zone broke down.Two possibilities I am watching.
Still looks like a corrective wave.
Catatan
Ruh Roh, rolling down hill pretty fast.Looks like it wants $65.00
Catatan
Sure looks like a 5 wave move now.wave 4 could come all the way back to near wave 1.
But the .382 is possible, and is struggling with the 618.
The Dark Side is strong in this one.
Catatan
$65 it is then, for the Moment of Truth.Wave 4 could not break above the .618 extension.
The down force looks strong, lets see if 65 holds.
If not, then forget ABC correction, look for lower targets...
Catatan
Here we go, test of 65 zone.If no bounce here, bad news for any bulls.
Catatan
Well so much for the larger ABC possibility.The inventory news was bad for price (more supply than expected).
So I think we had a perfect 12345 impulse down.
Normally, a minor 12345 could be an A in correct ABC as originally thought.
But with the momentum signature and news adding to it, I think correction is done.
Downtrend looks to resume. I am recalculating the zones now, but $63.50 looks like next stop.
Catatan
I guess the minor ABC was not quite done yet.I think it is done now, or very close.
It might hit the .382 extension at 65.20, but I doubt will go any higher.
It might be done already, having hit the .236 at 65.11 (and perhaps ate stops above 65.00).
Catatan
Oil keeps bubbling upwards.The .382 extension gave it some pause, I think it may leak over it a little.
But unless that drop on inventory news was totally fake, it should turn back down soon.
Catatan
Important development/discovery.See chart for evidence and its clues.
Looks like 65.54/56 to be tested from underneath.
Catatan
Fake out?Either I got bull trapped (I am actually short but was worried) or Bears are being trapped right now.
overall I think Oil is going down, and it did so at my original target of the 382.
Lets see what happens if/when price revisits that high volume buy zone.
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