is approaching the end of a major correction. This pattern may resolve in one more low (OML) into the target box as shown with green (v). The alternative, shown in yellow, is an expanded flat for wave (c) of alt circle iv. Regardless, the time for shorting oil
has nearly ended, except on short-term swings or day trades. Preparing to build a long position with verification of a significant low. See USO
- Daily analysis
idea for additional detail.
and other momentum indicators should build positive divergence on the low, although positive divergence on all time frames is not guaranteed.
Analysis based on Elliott Wave
principles augmented by Fibonacci extensions and retracements.