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.
.png' src='/static/images/svg/idea-image-placeholder.svg' alt='USOIL starts another large correction up with target around 62' class="js-image-lazy-load">

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.
Comment: Bearish EIA data. I closed the position.
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
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.
Reply
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
Reply
what not 45; 45.5 or 46?
+1 Reply
Yes. It might go there.
Reply
Very good and perfect analysis. Not seen this type of analysis other trader (analyst view) so far .
+1 Reply
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