First we got a pretty good resistance with a double top, which means we have a possible 2618 trade: - double top - measure impulse - wait for retracement at 0.618 Double top + 0.618 = 2618 technique I measured bearish impulse so I could confirm areas with some Support & Resistance and we can see how each pattern or consolidation was formed around those areas, even fibonacci retracements respect those areas. Also used some Support & Resistance on MACD to confirm divergence.
BAT PATTERN -Left Leg At first there's an ABCs formation right at where bearish Bat Pattern began, we can see how it went bearish forming an Elliott Impulse with 5 clear points and each consolidation that was formed respected fibonacci retracements. -Right Leg After an Elliott Impulse there's always some type of consolidation, which is exactly what we got with that double floor at the bottom, right after that retest it formed a pullback that I measured with Trend-Based Fib Extension, we can se how 1.618 - 1.414 area is exactly around bearish area. We got 0.886 -0.786 area from Bat Pattern, 1.618 - 1.414 area from Trend-Based Fib Extension and 0.618 from 2618 technique all at the same area!!! Good Trading. -1h Chart
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Pattern still active, price has been doing some correction, we can see consolidation between 1.272 and 0.382. MACD respected each retracement Good Trading. -1h Chart
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Inside bearish area Good Trading. -1h Chart
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Expect some consolidation inside area before bearish impulse Good Trading. -15min Chart
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ABC formation I measured impulse by placing 0.236 at top of consolidation and we can see how point C bounced at 0.618 Trend-Based Fib Extension shows 1.27 exactly at 0.886 from Bat Pattern Good Trading. -15min Chart
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Bearish area Good Trading. -15min Chart
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Trade is active! Good Trading. - 15min Chart
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Made another ABC formation before reaching 1.618! Good Trading. -15min Chart
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New Structure Good Trading. -15min Chart
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Price broke resistance at top and formed a perfect Running Flag (2618 in 5 min) for bearish continuation, I measured bearish impulse by placing 0.236 right below consolidation and we can see that perfect 0.618 at top where trade began, now TP is at -0.27 which is really close to Bat Pattern first TP. Good Trading. -15min
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2618 in 5min! -double floor -measure impulse -wait for retracement at 0.618 Double Floor + 0.618 = 2618 technique
We can see how there are 5 clear points inside impulse, which gave us our resitance at top where 1.618 is, also Ending Diagonal completion at 0.786 Good Trading. -5min Chart
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Pullback for bearish continuation Good Trading. -15min Chart
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Pullback retraced at major retracement 0.786 for bearish continuation. Good Trading. -15min Chart
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A flag was formed after pullback for bearish continuation, I measured bearish ABC by placing 0.236 and knew consolidation had to be inside 0.5 - 0.236 for bearish impulse, it melted at top all the way to both -0.27 (1.618 near it) and gave us seccond take profit at 0.382 from Bat Pattern. Good Trading. -15min Chart
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Almost reached 59.95, but price gave us a pretty good support around 60.50 - 60.30 Bat Pattern has been completed Good Trading
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Possible flag for bullish impulse I measured impulse by placing 0.236 at top and got 0.618 at the bottome where it bounced, I expect price to reach -0.618 where previous 0.618 is. Good Trading. - 15min Chart
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Still possible bearish impulse for major consolidation at bottom support Plan A Plan B Good Trading. -15min Chart
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Plan B happened for major consolidation, it went down to previous support for our retest and bounced, I measured bullish impulse and I get same area for -0.618, so I expect a tiny scalp up trend Good Trading. -15min Chart
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New structure with 2 possible scenarios. Plan A: tiny bullish impulse at top for better resistance, but MACD shows divergence Plan B: consolidation is inside bearish ABCs, which it could be bearish at point C for major consolidation, also MACD shows divergence on previous resistances, which gives possible bearish impulse Good Trading. 15min Chart
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Bullish Impulse reacted and formed ABCs consolidations for bullish continuation. Good Trading. 15min Chart
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Bat Pattern completion and 2618 trade in 4h Chart 2618 - double floor at the bottom - measure impulse - retracement at 0.618 - TP at -0.27 Double Floor + 0.618 = 2618 technique Good Trading. -4h Chart
@vldshv, Bat Pattern has been completed, so I gave last update for Oil... When I get another good analysis I'll publish new idea for USDWTI
vldshv
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Hi Daniel!
What is your view on USDWTI till end of March/April?
Thanks!
DanielParra99
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@vldshv, I follow structure, dont know what it will do around March/April
vldshv
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Hi, Daniel!
What it Second TP of Bat Pattern?
DanielParra99
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@vldshv, Hello! second TP at 59.95. (First TP has just been reached)
DanielParra99
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@DanielParra99, Missed 59.95 for a few pips, I thought it would go down to previous support, but if you see the analysis it reached exactly 0.382 of Bat Pattern
Hi, DanielParra99, good TA charting with USDWTI. I vae a doubt about your update. Which one is the signal for any of Plans, A or B? Thanks a lot for your time