Quick Take: USOil - MAJOR Change In Overall Outlook

There has been a MAJOR change in my overall outlook on USOil from my previous analysis. See here for my previous wave count analysis:

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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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.

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.