Malcolm-Luter
Long

OIL - uptrend confirmed

FX:USOIL   CFDs on Crude Oil (WTI)
I am still bullish on OIL and I will be till it gain the area 80-83 bucks.
3 elliot wave + Fib retracement
but.....I don't think the time frame used is good for trading, but long term blue chip energy stocks. using this and etf's would highly eat your lunch.
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If anything I see an inverse H&S for a bullish LT continuation
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so you have wave (4) going into the price territory of wave (1)? invalid...
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@4thewin, you perfectly right and I accept your point.
It s true ..... probably the count is not the right one.
I mean the 5 wave of bull market till top 2008.
Lets change it, starting from November 1998 when it signed minimum at 17.09$ we need to consider new development.
I will post new chart updated.

Thanks for your feedback.
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