Fxprotrader
Long

USOIL@ Elliott Wave 5-3 Cycle Completion Opens Doors to Bulls

FX:USOIL   Crude Oil (WTI)
Price in USOIL             has completed an 5-3 Elliott wave cycle with c wave testing a key support level. At that level we can see the bottom line of a rising channel and a long term resistance level which was broken last week, now acting as support. A bulish hidden divergence supports more the idea of going long.

I would place stoploss below the long term trendline and as a profit target i would aim for 1.27 fil level of the 5 wave impulse.

Long term resistance, now acting as support:

snapshot


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John
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