Oil Daily Update
Following a strong bearish message yesterday, today oil possibly completed the first impulse wave off the recent top, increasing the odds for a substantial loss.
In this daily report we discuss the recently registered technical signals and candle formations which oil made on different frames. We also project short and mid term paths using fabulous theories of Messrs. Elliott and Fibonacci.
CANDLES & TA:
Oil remains bearish on the daily and 2-day frames. The strong bearish candles formed yesterday were neither rejected nor confirmed today.
I already discussed the very rare 300/600 DMA bearish cross that happened recently.
The event of such magnitude happened only 3 times in the last 15 years. This one was number 4. The potential consequences of such cross could be significant.
The candle odds are bearish, and oil has higher probability to move further downwards.
I am tracking two paths on the micro level.
Green: possible completion wave a down.
Purple: possible completion of wave i down
Wave B in purple would be aligned with wave (2) in green.
Oil is strongly bearish on multiple daily frames, and the odds for a move downwards remain higher.
Possible target area – $68-74.
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The bigger picture and long term targets were discussed in the weekly report on the weekend.
Weekly Analysis, April 15th: