FX:USOIL   CFDs on Crude Oil (WTI)
Next Target is 35-36 $.
From the wave count,
1- it could be continuation of corrective wave "C",
2- or completing mega wave 2. Either way a retracement of 0.618 (35.68) is very expected.
3- Also a retracement to wave 4 of lower degree from previous run (wave 4 at early April 2016) is also expected.
If the price goes below 34.72, then it invalidate all the analysis above. So we have until 34.72 for this analysis to stay valid.
4- The price has to leave the blue channel from the right for any possible long, but as long as the price is withing the blue channel then forget the long of oil             .
Good luck and trade with care.
dear friend,
wave 2 cant go below wave 1 according to E waves, looks more like ABC zigzag, and you will see as a confirmation of that on Brent, where there is no clear 5 wave up

Regards,
KK
Reply
Yes, you are right, wave 1 is at 17/2/. What matters more is the end of the graph. So let us hope it is as expected.
Reply
KK78 saif12
I think it was ABC from 17/2-9/06 as same on brent (no 5 waves there)
On short oil:
I agree, the way it goes looks like 3rd wave of 5 wave to 26-16 usd per barrel, but again you are right on 36, if we dont break it properly we go to 50-60 over time
Reply
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