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ElliottWaveBelgium

OIL - One more push lower coming

Short
CFDs on WTI Crude Oil (TVC:USOIL)  
ElliottWaveBelgium Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis Wave Analysis Beyond Technical Analysis Oil Crude Oil WTI short riskreward
16
6
trendanalysis waveanalysis beyondta oil usoil short riskreward
Price seems to finish a Triangle pattern.
We should be in the final wave E, wich can find resistance at the 61.8% to 78.6% retracement.

If this count is correct, we should see a new low being made soon.

This pattern gets negated if price moves above 54.20 !
Comment:
A Triangle Pattern is composed of 5 moves (ABCDE) and each of those are composed of 3 moves (abc) where those are them self composed of 5 or 3 moves for (a), 3 moves for (b) & 5moves for (c)
snapshot
Comment:
I will post my ideas here for easier access
t.me/em16public
Comment:
Because price did not break clearly the 50.50 level and went up in impulsive fashion, I'm thinking wave E might not be over yet ! It should be around the 61.8 -78.6% retracement zone.
snapshot
Comment:
Pending order activated @52.69
Moving SL to break-even.
Comment:
Price going lower, great for now.
Add to position once price breaks clearly below wave D.
Think about taking some profits near that level.
snapshot
Comment:
One more push lower could come.
snapshot
Comment:
5 waves look to be in.
Closing position and taking profits.

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