Elliott wave analysis on oil and trade opportunity (2016-07-02)

NYMEX:CL1!   Light Crude Oil Futures
Oil             has been in consolidation for four weeks and comes to bottom of the rising channel . This consolidation is a flat or triangle correction which acts as wave four likely. The wave 2 is clearly a sharp correction. Two corrections fit the alternative rule very well. Oil             might start the wave 5 up if it breaks out of the consolidation area.

Go long if it breaks out of the bearish trend line with SL at around 48.5
TP1: 53.2
TP2: 57.5
TP3: 61.3

No confirmation, no trading! Please wait for the breakthrough to go long.

Good luck for everyone!
Trade active: I bought when it retraced from the bottom of the triangle. We should see a nice rally!
Trade closed manually: The longs were closed before EIA report at 48.1.
confirmation is already out.
+2 Reply
zhipengcfel TimZhang
Thanks for the comment. Not yet. The price is still below the bearish trend line. If it breaks 50~50.5 zone, it will confirm more to up.
TimZhang zhipengcfel
Take a look at RSI LEAD INDICATOR. Always 3-5 days ahead of price line.
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