chessnut

USOIL - ENDING DIAGONAL EW ANALISIS

FX:USOIL   CFDs on Crude Oil (WTI)
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USOIL has been giving signs in terms of EW that it is approaching at least a short term bottom soon, besides sentiment and bullish short term FA, because the current downside behaviour is not indicative to the down side. The best count to fit this zig zagging behaviour into is an ending diagonal . This is a good example of one.

Characteristic of an ending diagonal , when the price breaks through the upper trend line we can be sure of a sharp reversal retracing at least to the beginning of the ending diagonal , $51 per barrel. This is a hard rule.

Comments

Very nice, I was looking at something similar as well. The only major issue I have with this count is that wave 1 doesn't seem to have any subdivisions, but I still think this is likely to bounce here either way.
+1 Reply
chessnut Intuit
I wonder if one could say its a third and fifth wave extension =P haha but anyhow, doesnt matter if you cant see them, there are always subdivisions. a zigzag isnot a very demanding subdivision. So far its working out.
+1 Reply
Intuit chessnut
Mostly I was just remarking that the time periods are significantly different, possibly making them differing degrees. Either way it does appear to be breaking up at this time.
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