emiltw

Waves structure

FX:USOIL   Crude Oil (WTI)
253 3 6
Price is clearly finishing the 4th waves and going for the 5th wave.
after completing the 5th wave, in Daily timeframe the price will formed 3rd impulse wave, around level $50.00
we can clearly see there is an AB=CD pattern inside the 4 hour chart time frame.

snapshot

So once H4 Chart AB=CD pattern formed, we will start looking for short position to $44.00 - $42.00 range to complete the 4th corrective wave structure.
Once the 4th wave finished at $44.00 - $42.00, we will start taking long position to complete the 5th impulse wave, upside target $60.00
Trade active: Breakout confirmed, Long position activate
snapshot


Today oil reached 48.00, pullback will occur. then continue corrective wave
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It seems like you are right, great analysis! Do you intend to take profit at next resistance or hold it?
Reply
emiltw leeeon
Hi, I will take profit at the end of wave 5. then wait a sell breakout to short the corrective wave
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