zhipengcfel
Short

Oil needs one more wave down before bounce up (EW analysis)

FX:USOIL   Crude Oil (WTI)
Oil             is in wave C and seems completes the minor wave 3 and wave 4. It needs one more wave down to complete the C wave. From time cycle, it is still in the bearish cycle. And it is rejected from the previous channel.

Based on EW theory if wave 3 is extensive wave, wave 5 will be nearly the same as wave 1 in price and time which means the price target is around 50.16 and time target is around July 15th or 16th which almost the same as time cycle (between July 16th and 17th).

Try trading scientifically and mathematically instead emotionally!

AshYo
2 years ago
Nice one. analysis after this move?
+4 Reply
zhipengcfel AshYo
2 years ago
Thanks for your interest. I will update the analysis soon. It seems oil is still in wave 5.
+2 Reply
ccc1225
2 years ago
Amazing, both target price and timing is reached. But what is next step? bounce up?
+2 Reply
zhipengcfel ccc1225
2 years ago
Thanks. Wave 5 seems not complete yet. We might have a falling wedge wave 5. I will update it soon.
+2 Reply
smitheric1970 PRO zhipengcfel
2 years ago
Thanks Z, are you seeing the potential downside peak of the wedge at 49.65 area?
+2 Reply
smitheric1970 PRO smitheric1970
2 years ago
Yes sir, my fingers did just get cut off...
+1 Reply
Wow, that's twice in a row if price holds. Very impressive! I am now long with a 56.51 target and I am very interested in your next chart.
+2 Reply
zhipengcfel smitheric1970
2 years ago
Thanks. We should have a small rebound here because of the bullish divergence. But wave 5 does not seem to complete yet.
+2 Reply
coolingla PRO
2 years ago
zhipengcfel, how do you get your MACD look like that? Do you need a special code?
+2 Reply
zhipengcfel coolingla
2 years ago
It is a special code from vkno422.
MACD 4C
+2 Reply
tntsunrise TOP
2 years ago
very good!
+2 Reply
zhipengcfel tntsunrise
2 years ago
Thanks. I really like your harmonic pattern analysis.
+1 Reply
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