Classic KnovaWave trade - WTI Futures in 5 waves down from channel, Kijun & 50% fib to 161.85 target before bouncing pre #OPEC news
WTI Crude Oil Wave 5 Jan 19 2016
Crude oil futures continued lower on the trend line since rejecting the cloud over $54 to lows not seen since 2003 @ 28.36 after the sanctions were removed on Iran over the MLK holiday weekend. This target was no surprise given the trajectory and failure to move higher.
This oil chart is a great example of KnovaWave and adhering to its principles. This is very important in markets that investors may have preconceived bias to. This is also in most markets prices tend to go further than the mass expectations.
WTI crude oil Wave 5 Extensions Jan 19 2016
Wave extensions of wave 4 in March on penultimate day of February expiration. These are lows not seen since 2003.
Crude Oil Expiration Channel Feb 22 2016
West Texas Intermediate Crude oil expiration of the March 2016 contract went right to the swing daily channel after testing the downtrend channel.
Crude Oil Bounce Right Off Projection Jan 21 2016
WTI MArch futures completed this wave into the channel and bounced right on expiration and continued after the EIA inventory report as a catalyst in a record short market.
Crude Oil Feb 22 2016 Expiration Close View
Using the shorter time frame we see the fractal in 5 waves to the outer channel after firing off the 50 dma and ichimoku confluence. Important to use multiple time frames
Crude Oil Expiration Closer view Feb 22 2016
With the 240 min (4 hr) we are able to see a closer view of WTI off the daily retest. we see the #ichimoku action after 50 dma held to fractal channel. Time periods helped us exit longs ahead of key Saudi Arabia speaches 7 API & EIA releases.