Basic Analysis of USOIL using Ichimoku Time, Price and Wave Theory.
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My analysis seems correct. I have a nice trade on which is on break even. In my opinion, most people don't analyze the market they just look for a mechanized system. I use Elliot Wave, Wyckoff, and Ichimoku Principle to help me come to a conclusion where the market is heading.
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In this blog, I just focus on Ichimoku and just give my analysis. It's a powerful theory which hardly anyone in the western world understands. You have concepts on wave theory (S,4, P, Y, I, N, V) Price (N, E, V, NT, 2E) and Time (Basic numbers, Advanced. Equalization Principle.
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Once the market finished an N Wave, it's now producing S Wave. Notice the previous resistance turned support and price rejected it.
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Last night's move nearly stopped out my break-even position. We currently have an impulse leg (I). But if you look at the larger picture we have a higher degree N wave. Notice how price found support at the previous Kumo Shadow.