FX.co ★ Cookiess | CL/Crude Oil

Crude Oil M15 Chart Analysis: The present debate is focused on the examination of crude oil price behavior. The sell signal on the M15 time period was effective, matching with the larger trend. We had previously identified two decline zones, but none was considered plausible. This allows for the exploration and exploitation of local entry points. Let's look at how the market reacted to the sell signal on M15. The signal came at $91.64, with goals set at $89.74 and risks at $93.06. To illustrate the technical technique, I used a Fibonacci grid as a ruler to demonstrate how well the market absorbed sellers' limit orders. It's worth mentioning that once the market reached $89.23, a third wave emerged. This signals a lower likelihood of an imminent collapse, since medium-term purchasers have arrived, perhaps delaying the downward trend. The objectives remain the same, but the market may attain them later. Initially, the market reacted at $92.11, providing sellers a risk-to-profit ratio of 1:2. However, the market returned and completed limit orders at $92.38, giving sellers a 3:1 edge over risk. For example, if sellers risked 1% of their investment, their possible return would be 3%. By the end of Friday, the market had settled just at the signal level, providing for an exciting finale. Overall, I still anticipate oil prices to fall, as shown by the zones on the second chart. We see a wave pattern, with the third major wave having three medium waves. The third medium wave has 1-2-3 minor waves. The Fibonacci grids used on the daily time frame are extended throughout each first wave of varied orders, assisting in identifying probable downward objectives. The first goal area is between $88.26 and $87.69, while the second spans from $85.28 to $84.72.