zhipengcfel
Long

USOIL starts another large correction up with target around 62

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
3 months ago
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!
3 months ago
Comment: Currently it met the red resistance line. It is a good chance to buy the pull back.
3 months ago
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.
3 months ago
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!
3 months ago
Comment: Fantastic bull! Hold the long positions.
3 months ago
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.
3 months ago
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)
tbuckle PRO
3 months ago
what are the blue zones>?
+1 Reply
zhipengcfel tbuckle
3 months ago
They are important resistance or support levels.
Reply
tbuckle PRO
3 months ago
how deep of a pull back?
+1 Reply
zhipengcfel tbuckle
3 months ago
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
tbuckle PRO
3 months ago
what's the largest pull back you can envision?
+1 Reply
zhipengcfel tbuckle
3 months ago
Now the pull back is coming. 46.9 might be the maximum it can pull back.
Reply
tbuckle PRO
3 months ago
how far the pull back?
+1 Reply
zhipengcfel tbuckle
3 months ago
46.9 maximum.
Reply
tbuckle PRO zhipengcfel
3 months ago
is that the old or new contract? thanks.
+1 Reply
zhipengcfel tbuckle
3 months ago
New contract.
Reply
tbuckle PRO zhipengcfel
3 months ago
Thanks. Sorry last question. what do you think the minimum pull back will be?
+1 Reply
zhipengcfel tbuckle
3 months ago
47.6 roughly.
Reply
markez zhipengcfel
3 months ago
Target after pullback ? Thanks
+1 Reply
zhipengcfel markez
3 months ago
Previous high at least.
Reply
tbuckle PRO zhipengcfel
3 months ago
what previous high? sorry what price?
+1 Reply
zhipengcfel tbuckle
3 months ago
52
Reply
markez zhipengcfel
3 months ago
Do you expect bigger pullback after 52?
+1 Reply
zhipengcfel markez
3 months ago
At 53~54 zone it might have a pull back.
Reply
tbuckle PRO zhipengcfel
3 months ago
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
zhipengcfel tbuckle
3 months ago
you misunderstand the max and min.
Reply
markez zhipengcfel
3 months ago
If we see 47 do you think its good entry for long?
+1 Reply
zhipengcfel markez
3 months ago
Pay attention to 46.6~46.9 zone. I think it is a good entry.
Reply
markez zhipengcfel
3 months ago
Is it October contract already? Do you think we might see it today or it will extend to monday?
+1 Reply
tbuckle PRO zhipengcfel
3 months ago
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
zhipengcfel tbuckle
3 months ago
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
markez
3 months ago
Still same target for the pullback ? Thanks
+1 Reply
zhipengcfel markez
3 months ago
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
3 months ago
Thats around 47 in September contract?
+1 Reply
zhipengcfel markez
3 months ago
Yes. Roughly.
Reply
tbuckle PRO markez
3 months ago
So you are talking about 1.87 lower price than current?
+1 Reply
zhipengcfel tbuckle
3 months ago
0.87 lower.
Reply
tbuckle PRO zhipengcfel
3 months ago
gotcha thanks!
Do you think it will break down today?
Reply
markez
3 months ago
Going to 46 now ?
Reply
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