tntsunrise
Short

USOIL NEXT TARGET IS 43.55

FX:USOIL   Crude Oil (WTI)
5855 60 109
USOIL             NEXT TARGET
43.55
Today oil             breaks the previous high of
42.40

So the next level i am going to watch
will be the 200% ext : 43.55
Watch for the price action at this level.
Comment: 43.55 HIT NOW WATCH FOR THE PRICE ACTION
Trade active:
snapshot

43.55 broken and retested.
Comment:
snapshot

break trend line
Comment:
snapshot
Comment: Entered at 43.83 now is 12.56
+130 pips
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franciskim PRO franciskim
What do you think Jack?
Reply
whats your say on this Jack, it broke 44. you think it will drop?
Reply
Hi Jack . wave Elliott. I'm worried if it occurs.
snapshot
Reply
dun worry, sl 44.60, if breaks new high ,we exit
Reply
PhamPhan tntsunrise
Thank you very much.
Reply
This is a wave 3, wave 3 can't be shortest and is nearly always longer than wave 1, so this won't stop rising till its in the 50's....
Reply
tntsunrise TOP Trendhopper
correct. wave 3 has such condition to meet. but your logic got problem. After you see an enitre 5 wave, then you can identify which one is wave 3 by using such requirement. but you can't just assume it is wave 3 first , then conlude that it will go 50. that all depends whether it is wave 3 or not.
Reply
You have more experience so thank you for the tips, as traders we are playing the probability game, I see its probably a wave 3, as such I think its too risky to short against the trend, we saw how quickly price moved from 27 dollars to 41, looks at the moment to be a bull flag. I Try and trade 3rd waves and 5 waves only (if i can keep disciplined), as these are are lowest risk , particularly 5th waves.., where 3rd waves as you rightly pointed out are sometimes false dawns.
Reply
tntsunrise TOP Trendhopper
for wave3 ,the entry should be break out of wave 1 peak. wave 5 i won't trade,
Reply
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