muhiuddin
Long

Elliott Wave Analysis & Forecast, OILUSD, M1, 20160419

FX:USOIL   CFDs on Crude Oil (WTI)
Crude Oil             just finished its red wave 3 of blue wave C @ 26 and since it has been correcting in red wave 4 of blue wave 3. The ideal target for the red wave 4 is near 60-61 area where we will expect bears enter into market and this area will hold massive resistance. Once red wave 4 will finish, we will see sharp decline in last wave red 5 towards 10-11 area in coming months where we see long term bottom at the end of green wave II. Traders can enter into long near 38.80 and stop-loss just below the daily candle targeting 45-46 area or even higher.

muhiuddin
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