Elliott wave analysis on usoil (2016-08-07)

NYMEX:CL1!   Light Crude Oil Futures
USOIL started rebounding from last Wednesday. From elliott wave analysis the rebounding has a five wave up structure which means the rebounding does not finish yet. It might continue rebounding to 42.5 -> 43.1 -> 44.5. We need to pay attention to the resistance line from the previous broken decline channel.

For daily chart we need to pay attention to the resistance at 42.58 and 43.24. If they are broken, it will go up to 44.5 which is a very important resistance level on weekly chart.
.png' src='/static/images/svg/idea-image-placeholder.svg' alt='Support and resistance levels for usoil (2016-07-31)' class="js-image-lazy-load">

As for trading suggestions I still hold positions from last Thursday with SL moved to 40.9. I will hold the long as long as the rising channel holds.

Good luck for everyone!
Comment: Nice rally! The next target we need to pay attention to is 42.5 and 42.87 which is the upper line of the decline channel.
Trade closed: target reached
Comment: It is coming to the upper line of the decline channel, so I booked all of profit to see whether it can break it or not. And then I decide the next trade setup.
Trade active: Fantastic bull here. TP1: 44.5 TP2: 45.95 TP3: 46.95
Comment: Daily chart elliott wave analysis:
Comment: Nice bull here. TP1:44.5 is touched. I moved the SL to 43.8.
Trade closed: target reached: TP3 reached! wave 4 might be ongoing. I closed all of longs and wait for the finish of the pull back to join the bull again.
nice work.. keep going. which target u guess. will hit?
+1 Reply
zhipengcfel AlajmiFOREX
Thanks. 45.9 will be hit soon if 45.1 was broken up. For long term I am looking forward to hit 62.

sir you are great as mentioned on earlier several post please forever in your trading carrier pl post on your trade setup view and comments
here to teach novice trader like me. I am your very very biggest fan sir.
+1 Reply
zhipengcfel prasanro
Thanks for encouraging. I will update ideas when market is clear enough to tell us some interesting things.
Great analysis Z, I have been hoping this past week has been consolidation; I did not expect such a violent spring yesterday and today but overall I think we are in for a bullish end to 2016; hope you're having a great week!https://www.
+1 Reply
zhipengcfel smitheric1970
Nice chart! Thanks for sharing.
This is great Zhipengcfel, thanks for your analyzes. I'm long myself on WTI oil and have been for several weeks. I as you, will keep my positions open as long as the channel on the weekly positive channel holds, as I believe we're currently correcting in a wave 2. Majority of fundamental analyzers are supporting this correction view as well - talking about not if oil price will recover, but when.
+1 Reply
zhipengcfel RationalTrader
Thanks for the comment and share your opinion. I agree.
good analysis sir
+1 Reply
zhipengcfel prasanro
Thanks! Hopefully it will be helpful.
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