zhipengcfel
Short

Oil underwent a complex correction

NYMEX:CLM2016   LIGHT CRUDE OIL FUTURES
US Oil             underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016             ( Oil             contract at May). It is an expanded correction for oil             continuous contract see below ( usoil             or CL1!             ).
The second correction is a zigzag 535 ABC .

Currently oil             gets supported in the second correction channel. Break of the channel will confirm the bearish . After breaking it will go to the bottom line of the large correction channel.

Good luck for everyone!
Comment: We can compare the structure of UKoil with CLM2015. They are quite similar. They can be counted the same but I just made these two alternative counts to compare.
Comment: Watch carefully the following 4hr candle. It seems that oil has broken out of the rising channel. Good luck!
snapshot
Comment: Nice! Rising channel breaks. USOil is on the way to 40.8.
what is your target for oil ? Thanks
+1 Reply
It might go to around 40.8 if it breaks the current rising channel. I am now waiting for the confirmation of breaking the channel! Good luck!
+1 Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out