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! -:)
Going to 46 now ?
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.
markez zhipengcfel
Thats around 47 in September contract?
+1 Reply
Yes. Roughly.
So you are talking about 1.87 lower price than current?
+1 Reply
0.87 lower.
tbuckle zhipengcfel
gotcha thanks!
Do you think it will break down today?
how far the pull back?
+1 Reply
46.9 maximum.
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