EW ANALYSIS - USOIL

Hello there.

I have just made this elliot wave analysis.

There are one major expanding wedge (yellow) and minor expanding wedge (cyan).

After breaking cyan wedge, we might test the bottom of yellow one and bounce to correction point of "B". Then we are going to "C" to create right shoulder for reversal head and shoulders pattern. After it, we are going up back to ussual oil prices.

Thank you for your time.
MF.

Trade active:

This setup goes really well. As you can see, the wave is not the same as i draw. My wave drawing was just a illustration that the trend is going down.

Thank you.
MF

Comment:

Hello there,

I've just updated a litte bit the graph. As you can see, we've now been through the correction that heads at the 5th point of impulse wave. I've added some microminutes waves. That's because of my own trading setup.

Hope this help.
Thanks.
MF.

Comment:

Hello there,

I had to update my graph because of EW channel that i recognized after today's leg up. Now we are inbound of 5th wave.

Thanks.
MF.

Order cancelled:

Hello there,

sad to annouce, that we have to close this trading setup due to broke invalidation (in chart) level. Markets are highly volatile nowadays, so this could be the reason why this setup crashed.

Trade active:

Hello there,

I'm so sorry for my previous setup. Now I see where the mistake was --> Wrongly chosen the first leg of correction.

Now It looks good and makes sense.

Thanks.
MF.