USOIL - CRUDE/CRUDOIL - Sharp Decline ahead?

10 de jul.

CMP: 67.90
TF: 120 Minutes

Price had a steep decline in an impulse nature from 77.10 to 63.97; This can be marked as corrective wave A.

Price has been moving up in zig zag price action in the B wave rise since then.

The B wave seems to have ended at 68.90 (38% retracement) OR could possibly gets terminated at around 69.5-70 (one more high)

If it has to fall right off from here at 67.90, it needs to break 67.67 and 67.30 for final confirmation.. Else, there is a fair chance of the script making one more high at around 69.5-70 (Fair Value GAP should be tested) and resume the fall.

The FVG left at 69.5-70 is the reason for me to expect one more high.

The idea is marked in this chart along with the internal counts.


Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.

10 de jul.

Trade ativo

Price had broken the key levels mentioned and confirmed the downside move as projected.. Maybe the FVG to be tested at a later stage..

The ideal positional target will be between 60 and 62..

But we have interim supports (for now, the rising trendline at 65.5-66 could offer some support

Here is the tentative path with internal counts

11 de jul.

Nota

CMP: 67.83

Price is bouncing off from the channel bottom as well as the rising trendline from the lows now at the channel midpoint and also at the 61.8% fib resistance from the recent swing top.. Interesting price action to follow..



Here is the 4 hour chart with long term trendline.. Price has to break and trade below that trendline for a stronger move on the downside

11 de jul.

Trade fechado: stop atingido

Price has come back inside the channel midpoint.. and breaking out from the supply candles..

The possible alt view is copied below..

14 de jul.

Nota

Fair Value Gaps have their own significance.. Price has tested the 69.5 level and showing signs of rejection.. lets see if this marks the interim top and the beginning of Corrective decline C

14 de jul.

Nota

Looks like the start of the final C leg impulse down..

Price filled the FVG GAP at the top and also now at 67.2

On the way down, it has left a another FVG at 68.2 and most likely that zone will be tested in the ii nd wave pull back on the upside..

Between 67.2-67.5, there could be a great LRHR opportunity to short