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!

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.
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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.
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zhipengcfel smitheric1970
Thanks. We should have a small rebound here because of the bullish divergence. But wave 5 does not seem to complete yet.
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Amazing, both target price and timing is reached. But what is next step? bounce up?
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Thanks. Wave 5 seems not complete yet. We might have a falling wedge wave 5. I will update it soon.
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smitheric1970 zhipengcfel
Thanks Z, are you seeing the potential downside peak of the wedge at 49.65 area?
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smitheric1970 smitheric1970
Yes sir, my fingers did just get cut off...
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