Tracking Key Reversal Points: Anticipating Shifts in Oil Market
Overview:
Timeframes: The chart shows two timeframes: 1-day (left) and 1-hour (right).
Price Levels: The analysis spans key levels around $78.42, $72.84, and below, identifying important support and resistance zones.
Main Concepts:
Wave Structure Analysis (Elliott Wave):
The chart illustrates wave counts to identify impulsive and corrective wave formations.
The 1-day chart displays a completed or ongoing complex wave structure involving labeled sub-waves (e.g., (i), (ii), (iii), (iv), (v)).
The 1-hour chart follows with detailed sub-waves in a downtrend, marking a potential end of a minor wave 5.
Break of Structure (BOS):
The analysis highlights break-of-structure (BOS) points, signaling trend shifts or confirmation of current momentum.
Order Blocks (OB) and Supply Zones:
The charts label areas of interest like the Bearish OB, which indicates potential resistance levels for short trades.
Liquidity Pools and Equilibrium Levels (EQL): Show possible areas where price may seek liquidity, triggering stops or reversals.
Swing Failure Patterns (SFP):
On the 1-hour chart, an SFP shows a failed attempt to break a previous high, indicating potential reversals at those points.
Step-by-Step Breakdown:
Left Chart (1-Day):
Wave Completion: Possible end of wave (iv) around $78.42.
Correction Analysis: The chart suggests a retracement towards $72.84, marked by liquidity inducements and previous buy-side stops (BSL).
Potential Moves: If a correction deepens, the internal wave count may extend, affecting the broader trend structure.
Right Chart (1-Hour):
Bearish Momentum: Highlights swing failure patterns, with downward trends forming lower highs and lows.
Wave Labeling: The (A)-(C) correction forms a bearish pattern, suggesting possible price reversal around the Bearish OB at $69.35.
Projection: If bearish momentum continues, expect a move towards the dealing range lows around $68.41.
Examples and Analogy:
Think of the swing failure patterns as warning signs—like a car struggling to pass a steep hill. If it fails, it rolls back, suggesting sellers are regaining control, which could lead to further declines.
Key Takeaways:
Primary Resistance: $69.35 (potential short entries).
Support Focus: $67.66 - $66.75 area, as noted on both timeframes.
Continued Monitoring: If price breaks the strong high invalidation point, the short-term bearish outlook could be invalidated.
Timeframes: The chart shows two timeframes: 1-day (left) and 1-hour (right).
Price Levels: The analysis spans key levels around $78.42, $72.84, and below, identifying important support and resistance zones.
Main Concepts:
Wave Structure Analysis (Elliott Wave):
The chart illustrates wave counts to identify impulsive and corrective wave formations.
The 1-day chart displays a completed or ongoing complex wave structure involving labeled sub-waves (e.g., (i), (ii), (iii), (iv), (v)).
The 1-hour chart follows with detailed sub-waves in a downtrend, marking a potential end of a minor wave 5.
Break of Structure (BOS):
The analysis highlights break-of-structure (BOS) points, signaling trend shifts or confirmation of current momentum.
Order Blocks (OB) and Supply Zones:
The charts label areas of interest like the Bearish OB, which indicates potential resistance levels for short trades.
Liquidity Pools and Equilibrium Levels (EQL): Show possible areas where price may seek liquidity, triggering stops or reversals.
Swing Failure Patterns (SFP):
On the 1-hour chart, an SFP shows a failed attempt to break a previous high, indicating potential reversals at those points.
Step-by-Step Breakdown:
Left Chart (1-Day):
Wave Completion: Possible end of wave (iv) around $78.42.
Correction Analysis: The chart suggests a retracement towards $72.84, marked by liquidity inducements and previous buy-side stops (BSL).
Potential Moves: If a correction deepens, the internal wave count may extend, affecting the broader trend structure.
Right Chart (1-Hour):
Bearish Momentum: Highlights swing failure patterns, with downward trends forming lower highs and lows.
Wave Labeling: The (A)-(C) correction forms a bearish pattern, suggesting possible price reversal around the Bearish OB at $69.35.
Projection: If bearish momentum continues, expect a move towards the dealing range lows around $68.41.
Examples and Analogy:
Think of the swing failure patterns as warning signs—like a car struggling to pass a steep hill. If it fails, it rolls back, suggesting sellers are regaining control, which could lead to further declines.
Key Takeaways:
Primary Resistance: $69.35 (potential short entries).
Support Focus: $67.66 - $66.75 area, as noted on both timeframes.
Continued Monitoring: If price breaks the strong high invalidation point, the short-term bearish outlook could be invalidated.
Transaction en cours
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.