Crude Oil : Downtrend start again

FX:USOIL   CFDs on Crude Oil (WTI)
520 3 12
Good short opportunity from the following reasons:
1) wave iv looks like 3-3-5 expanded flat correction in Elliott wave principle.
2) sufficient fib 0.618 retracement to wave iii             completed.

Stop loss and Profit target:
1) Stop loss is located on the end of wave i that is failure level of Elliott wave principle.
2) At a rough estimate, the bottom of wave v could be within the price range from 20 to 25.
Comment: USOIL chart:
Here is my wave count - wave 3 is an extended one with three subwaves. BTW, I like your analysis for NGAS. Thank you.
Mizuki32 huntingsniper
Thank you for your comment and view.
Nice. Totally agree.
My Elliott wave count seems to be questionable from the following reasons.
1) the length of wave (i) is too long compared to that of wave (iii).
2) wave (i) could be a leading diagonal.
3) wave ((iv)) must be an expanded flat correction, not a expanding triangle.
Here is new updated chart image.
Thank you for taking the time to read my analysis.
+1 Reply
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