zhipengcfel
Short

Elliot wave analysis on oil (2016-01-17)

FX:USOIL   Crude Oil (WTI)
The elliot wave analysis is shown on the chart. Oil             has broken the triangle of wave 4 and might will retest the triangle and go down again.

Good luck for everyone!
Great wave count you got there....... And don't forget that wave 5 in commodities are strong.... 26-25 level can easily come by
+1 Reply
Thanks. The target of wave 5 is around 25. You will see it if you zoom out the chart. But the minor wave iv might retrace to 31~32 level and then continue going down to complete the wave 5.
+1 Reply
Oil might retrace to 31~32 dollar to retest the triangle first and then go down to complete the minor wave 5.
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zhipengcfel zhipengcfel
Oil gets supported at the bearish channel.
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