EverythingForex

Quick Take: USOil - MAJOR Change In Overall Outlook

FX:USOIL   Crude Oil (WTI)
1148 7 32
3 months ago
There has been a MAJOR change in my overall outlook on USOil from my previous analysis. See here for my previous wave count analysis:
USOil: Is It Done Dropping? Or Is There MORE To Come?

This is a snapshot of what I am seeing is to happen. It is currently still in a wave 3 up. That wave 3 is still NOT complete. When this wave 3 is done, then should be looking for a wave 4 retrace to get underway that could bring prices back down to the $45.00 level. Then to look for a MAJOR move higher from there. I am seeing that Oil             could be reaching the $70 - $80 price levels sometime this year.

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3 months ago
Comment: Hope you all paid attention to the price action here. 3 days ago, I said to wait and don't sell yet because it wasn't done moving higher. It moved higher and those that sold too early most likely got caught. But if you were one of my members you knew what to look for and when to pull the trigger.

snapshot
3 months ago
Comment: Oil broke down out of that trading channel which should've been the minor wave (3). That breakout now looks to have been part of the minor wave (4) which may have just completed. I have already taken profit on this short trade and closed the position expecting that prices may now make a wave (5) push to higher prices before dropping again. Look for divergence to form to confirm this.

snapshot
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michisuperfreak
3 months ago
On point! Great job!
Reply
lgybecks
3 months ago
Great! It has broken the uptrend line.
Reply
EverythingForex PRO lgybecks
3 months ago
BREAKING. Not "broken" just yet.
Reply
AhmadFarhan EverythingForex
3 months ago
U EXPECT WAVE 5 TO BE LONGER THAN WAVE 3
Reply
EverythingForex PRO AhmadFarhan
3 months ago
first, ease off on the CAPS! second, what wave 5 are you talking about?
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AhmadFarhan EverythingForex
3 months ago
you expect wave 4 to retrace to around 45 levels and then what are your targets for wave 5
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EverythingForex PRO AhmadFarhan
3 months ago
I don't project that far. there's no need to. how far wave v goes depends somewhat on how deep wave iv goes.
Reply
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