zhipengcfel
Long

USOIL starts another large correction up with target around 62

NYMEX:CL1!   Light Crude Oil Futures
Oil             has been in bottom for more than one and half year. The fundamental of oil             market is changing as well. We had a huge wave up from 26.05 to 51.67 from February to June which tells us that oil             is in the bottom. Last one and half month's correction stopped at 39.2 and huge bull yesterday both shows that oil             is preparing for another huge correction up. The target for this correction up can be around 62.

It is a good chance to trade this up wave.

Good luck for everyone!
Comment: Currently it met the red resistance line. It is a good chance to buy the pull back.
Comment: Pay attention to the resistance from upper line of the decline channel. Break out of the decline channel will confirm the bull. Every pull back will be a good chance to buy.
Comment: Oil is in a fancy bull trend! It broke out of the decline channel and confirmed the bull trend again. Hold long positions tightly!
Comment: Fantastic bull! Hold the long positions.
Comment: Oil starts pulling back. Wait patiently when it will finish. For 4h chart it is a wave 4 correction. It should be a consolidation correction.
Comment: The wave 4 correction has completed likely. I longed again for oil at 47. Good luck to me! -:)
Elliott wave analysis on usoil (2016-08-19)
what are the blue zones>?
+1 Reply
They are important resistance or support levels.
Reply
how deep of a pull back?
+1 Reply
Oil is in bull trend now, so the pull back will not be too large. Every pull back is a good chance to buy.
Reply
what's the largest pull back you can envision?
+1 Reply
Now the pull back is coming. 46.9 might be the maximum it can pull back.
Reply
how far the pull back?
+1 Reply
46.9 maximum.
Reply
tbuckle PRO zhipengcfel
is that the old or new contract? thanks.
+1 Reply
New contract.
Reply
tbuckle PRO zhipengcfel
Thanks. Sorry last question. what do you think the minimum pull back will be?
+1 Reply
47.6 roughly.
Reply
markez zhipengcfel
Target after pullback ? Thanks
+1 Reply
Previous high at least.
Reply
tbuckle PRO zhipengcfel
what previous high? sorry what price?
+1 Reply
52
Reply
markez zhipengcfel
Do you expect bigger pullback after 52?
+1 Reply
At 53~54 zone it might have a pull back.
Reply
tbuckle PRO zhipengcfel
what I meant was you were saying it will pull back no more than 47.6. What is the minimum that it would pull back? Like it will pull back to at least 48 or 48.4?, etc.?
+1 Reply
you misunderstand the max and min.
Reply
markez zhipengcfel
If we see 47 do you think its good entry for long?
+1 Reply
Pay attention to 46.6~46.9 zone. I think it is a good entry.
Reply
markez zhipengcfel
Is it October contract already? Do you think we might see it today or it will extend to monday?
+1 Reply
tbuckle PRO zhipengcfel
in on previous comment you said 47.6 and here 46.6-46.9 Is one a typo or a change in thought?
+1 Reply
I would like to change the target to 47.6~47.9 as my primary buy zone. Hopefully I can get some cheap positions to join the next bull.
Reply
Still same target for the pullback ? Thanks
+1 Reply
There will be a gap after contract rolling at Monday. I would change the target to 47.6~47.9 as my primary buy zone.
Reply
markez zhipengcfel
Thats around 47 in September contract?
+1 Reply
Yes. Roughly.
Reply
So you are talking about 1.87 lower price than current?
+1 Reply
0.87 lower.
Reply
tbuckle PRO zhipengcfel
gotcha thanks!
Do you think it will break down today?
Reply
Going to 46 now ?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out