Wyckoff Consolidation

15 gru 2019

This is turning into a very nice example of a Wyckoff Consolidation pattern in my opinion for Crude Oil. My bias is this is forming a distribution pattern with the BC, SOW, and UTAD in place. I have indicated Elliot wave counts and have EW projection for the move downward. Jan options expires tomorrow and have price pinned at around 57 +/- 1 so it is quit possible for a large downward movement to reach that price. I know this is not very precise or accurate but my short term work on options data has indicate there is no way to predict the exact price on day or expiry but seems like I can get within a dollar. Preliminary work at this time and looking to refine it a bit more.

I expect price to meander to resistance between 59.85 - 60.00 overnight and then proceed downward from there.

Information only. Do your own diligence and keep your own counsel when making trading decisions.

Good luck.

Lloyd.

16 gru 2019

Uwaga

Looks like a smaller TF Consolidation on the 5 min TF with UTAD just completed. Will see if the pattern in the pattern leads to something.

16 gru 2019

Uwaga

Still figuring this out. From comment below:

Edit - AR should be at (w) and SOW at (y)

16 gru 2019

Uwaga

Well that felt like a nice kick in the teeth.

I thought with Options expiring today and given my current EW count, this would have gone down with more steam today. The pennant forming after that spike on Friday can be formed after a UTAD and after an SOS so coin flip. Given no drop on opex and options data seems to be supporting calls over puts on Friday, looks to be very strong at the moment. The only saving grace so far is the up move today was done on very low volume. I'll update for distribution but looks like I'll have to have an accumulation alternative.