zhipengcfel

Elliot wave analysis on oil (2015-08-08)

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
Time target:
I published idea last week that oil             is forming three half-moon pattern from small to large. The first one takes 16 days. The second one takes 48 days. The third one will be very likely taking 96 days which means it will complete until August 7th.
Time cycle of US oil (Go long after August 7th)
We can get the similar result from fib time analysis which shows it will complete around August 12th. The period for oil             rising from 42.02 to 62.55 is 49 days. The period for consolidation before this bearish down is 49 days too.
Possible targets for this bearish trend
The period for this bearish will be 49 days by August 12th.

Price target:
The oil             has filled the gap which formed at March 20th. It will touch the pitchfan 0.75 support line soon.

Wave pattern:
From EW theory oil             is in wave 5. It will probability complete the 5 waves down soon.

Trading suggestion:
No confirmation, no trading. Wait the confirmation of up move with large volume . If the volume of up is few, please keep cautious.
Comments ans suggestions are welcome!
Please give zhipengcfel a thumb up for the effort! I just did.

His analysis on OIL has been the most balanced on TradingView.
+3 Reply
zhipengcfel coolingla
a year ago
Thanks for your encouragement. I will try to illustrate my analysis and what i am thinking better.
+2 Reply
In this prolonged bear market for oil, the oil stocks can be used as a leading indicator.

The actions of some oil stocks in the last few days have indicated big money are back into selected oil stocks. That means oil will rise soon too.
+1 Reply
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