alansdu
Long

Oil finished the wave 4 correction, next target 66

NYMEX:CL1!   Light Crude Oil Futures
Oil             might have finished the wave 4 (ABCDE) correction and started the wave 5 up. Based on EW theory the wave 5 target is similar to wave 1 if wave 3 is an extension one which means it will go up for 10 dollars. If the start point of wave 5 is 56.51, the target will be around 66 which is also an important resistance level .

The dxy             confirms this up trend which might go weak in a short term (I believe dxy             will go strong in a long term).

Good luck and enjoy your trading!

Trading suggestion to myself:
Let profit grow and keep loss as low as possible.
When you plan to take profit just think if there is a confirmation to close the profit, if not just stay your position and let your profit grow. We usually can not hold profit but hold loss.
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