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

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.