zhipengcfel
Short

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

FX:USOIL   CFDs on 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!

Comments

Nice one. analysis after this move?
+4 Reply
Thanks for your interest. I will update the analysis soon. It seems oil is still in wave 5.
+2 Reply
very good!
+2 Reply
zhipengcfel tntsunrise
Thanks. I really like your harmonic pattern analysis.
+1 Reply
zhipengcfel, how do you get your MACD look like that? Do you need a special code?
+2 Reply
zhipengcfel coolingla
It is a special code from vkno422.
+2 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
Thanks. We should have a small rebound here because of the bullish divergence. But wave 5 does not seem to complete yet.
+2 Reply
Amazing, both target price and timing is reached. But what is next step? bounce up?
+2 Reply
Thanks. Wave 5 seems not complete yet. We might have a falling wedge wave 5. I will update it soon.
+2 Reply
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