zhipengcfel

UK oil is in triangle correction wave 4

FX:UKOIL   CFDs on Crude Oil (Brent)
UK oil             is in correction wave 4. It seems that the wave 4 is a triangle correction. The triangle has finished the ABC waves and now is in wave D.

Time cycle
The wave 1 was last for 78 days. The correction wave 2 was last for 34 days. The wave 3 was last for 71 days. The correction wave 4 is last for 22 days until now. From time cycle, the correction wave 4 might finish in 9 days which is March 3rd. After that the wave 5 down will start.

Trading suggestions
Now it is still in correction wave 4. I would suggest to go long when the price gets supported at the triangle bottom line and take profit at the upper triangle resistance line.
If the price get rejected from the triangle upper line, go short. If the price breaks the triangle bottom line, add more short and hold until the wave 5 finished.

Good luck for everyone!
I like this time-frame too,it`s more directional.Thanks for sharing!
+1 Reply
You are welcome. Thanks for your comment.
+1 Reply
Clearly acting like some triangle here.
+1 Reply
zhipengcfel IvanLabrie
Yeah. From EW theory, the triangle should be 33333 wave pattern. Now the ABC waves all contain three minor waves which fit quite well.
+1 Reply
IvanLabrie zhipengcfel
And it's also pretty confusing :D
Cheers!
+1 Reply
zhipengcfel IvanLabrie
Yep. But It tells us the wave up currently is just a corretion instead of a trend change.
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