www.kitco.com is primarily a precious metals site but it does have the price of oil as well as various other financial indicators.Almost as an aside to this vigorous and interesting thread:
Can someone please point me to a site that gives a live, or very recent, tracking of the price of oil?
[That info is probably here somewhere but it's a loooonnngg thread].
Many thanks
Rick
Well WP called the little a, b, c closer than me... as one would expect... but it looks like it's near complete now, so... watch out belooooooow.
... and similarly for the AUD
... and on your blocks for the start of the Aus market resource stocks rally.
Darn, I painted all over a chart and forgot to post it.
Oil shot up to about 127.75 to qualify for the end of that little a, b, c.
Darn, I painted all over a chart and forgot to post it.
Oil shot up to about 127.75 to qualify for the end of that little a, b, c.
Also could quite easily be a,b,c to the wave A, more likely i.m.o.
I don't have data though so only going by your charts.
Also looking back to a larger time frame this impulse down looks more like 5 waves down to a wave A, we are now maybe in the minor degree wave a, should bounce to around 135ish for that scenario to play out.Then the final push down into wave C. to around 100 or just below.
Darn, I painted all over a chart and forgot to post it.
Oil shot up to about 127.75 to qualify for the end of that little a, b, c.
Whiskers you are saying that this is a 1 of 5 downward move?
Anything goes Whiskers and it does qualify for an abc. But it also may turn into a double an abc. This scenario caught me out often when I first started using EW and so one must be aware of that. The average retrace for a wave 2 is 0.382-0.618 and at the moment we are nowhere near this. I personally was expecting 130-134, but as you say the market might be in a hurry to go down.
Will se waht early next week brings!
Cheers
Waves i & ii not valid IMO
Gees, a long day yesterday and I messed up my scribblings on that chart. Obviously that red 1 should be the 2 and going down to 3... thats a minor count kennas.
I'm trying to adopt to a standard EW count code. Attached is a chart from earlier where I picked up on the primary 5 leg. The count from cycle IV, I got from an EW site... not sure about the earlier count. I just tried to see how they arrived at there count and if anyone could confirm it.
Yeah your right WP. I should have pasted my legend on it, but ultimately combining my FA with what I'm picking up with EW, as Porper says, it should be part of a correction... I think a major corrective cycle .
If your right, that would make this abc minute wave iv... which probably fits better (come to think about it) with my FA, in that it's not near low enough yet for any substantial support or reversal.
I just feel that it's not gonna beat last night's high again... as WP mentions the way the currencies are turning, I'm confident from a FA point of view that we have reached a critical turning point in the world economy this last week or so.
www.kitco.com is primarily a precious metals site but it does have the price of oil as well as various other financial indicators.
Oil price is quoted on the main page in the "indicators" box along with the DJIA, Nasdaq etc. About two thirds of the way down on the right hand side.Many thanks Smurf. I use kitco to check base metal prices and went back to the site to find an oil link but was unsuccessful. Further tuterage welcome!
Oil price is quoted on the main page in the "indicators" box along with the DJIA, Nasdaq etc. About two thirds of the way down on the right hand side.
Same way anything is charted.Oil seems something of a dictactor. How can it be charted [not saying it can't be] when there are "factors" like Iran in the air?
Rick
I think this is the argument from the non chartists, in that black swan events, or any swan close to black, will blow TA out of the water. Like a 9/11, or Israel nuking Iran, or aliens landing in Utah.Same way anything is charted.
Why can't it be charted?
Same way anything is charted.
Why can't it be charted?
Thought this was an oil thread?One thing that is very interesting right now, is that the 'fundamentals' of gold and the 'technicals' are diverging quite significantly.
The technicals are saying plunge, while the funnies are saying up, up and away.....
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