USOIL - WTI Break or 43 for TVC:USOIL by iTradeAIMS

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trendanalysis waveanalysis indicator oil usoil wti wticrude elliottwaveprojection longsetup

The US oil started its recovery mid April all the way from the price of 12 up to 42 today

The wave up is was strong by lost momentum and barely moved up during July.

This indicates that the price of oil has found a solid footing. Which means now that a breakout might happen soon.

IF price goes above 43 it would stop until 50 and probably go towards 66 later in the month or September.

for now... its a BUY Setup .. Breakout in to wave 5

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Comments

Have we seen either an increase in demand or decrease in supply that sufficiently supports, or are would warrant, those price levels? Or is this the result of the Fed supporting asset prices and then followed by bull zombies? Hey I'm fine with either - don't fight the tape! But which is it?

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