zhipengcfel

Elliott wave analysis on usoil (2016-08-19)

NYMEX:CL1!   Light Crude Oil Futures
Oil             might be in wave 4 correction now. Because wave 2 is a sharp correction, wave 4 is more likely a consolidation. No need to trade this wave.

The target of this correction might go to 46.9 (largest it can go and it might not touch) which is a good position I will join the long again.

Wait patiently for the correction to finish and join the bull trend again. For mid-long term please refer to this chart.
USOIL starts another large correction up with target around 62

Good luck for everyone!
Comment: The momentum of bear is much larger than I expected. USOIL might undergo a deep correction. Be patient.
Trade active: Nice rally. I went long with SL at 46.5.
Comment: It got supported from the rising channel.
snapshot
Comment: Bearish EIA data. I closed the position.
Thanks for you analysis !
+1 Reply
You are welcome! -:)
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your target for wave 5 is 53but long term target is around 62? Why is that??
+1 Reply
The time-frame is different.
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markez zhipengcfel
So what kind of correction do you expect from 53?
+1 Reply
It is hard to see from now. I would expect a consolidation.
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markez zhipengcfel
wave 4 thant final wave 5 to 62? Am i right?
+1 Reply
wave 2 cannot retrace more than 100%
+1 Reply
zhipengcfel Cruddest
I just use the close price to count the wave.
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How many days you think is wave 4...Im thinking 3-5 days.....
+1 Reply
zhipengcfel Givingthelowdown
It might be last until Wednesday' s EIA report.
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Thanks for the analysis, and how do you determine 46.9 as the target?
+1 Reply
It is a high demanding level.
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Very good and perfect analysis. Not seen this type of analysis other trader (analyst view) so far .
+1 Reply
zhipengcfel prasanro
Thanks! -:)
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what not 45; 45.5 or 46?
+1 Reply
Yes. It might go there.
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Comment: The momentum of bear is much larger than I expected. USOIL might undergo a deep correction. Be patient.

whats your target for deeper correction ?
+1 Reply
45.9->44.5
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Crazy moves lately... Not many solid retraces just knives flying everywhere, oil's been difficult! Keep up the great charts Z!
+1 Reply
zhipengcfel smitheric1970
Yes, it is. Thanks for the encouragement.
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Whats your target for wave 4 now ? Thanks
+1 Reply
45.9->44.5.
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markez zhipengcfel
Still same targets ? Thanks
Reply
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