zhipengcfel
Short

Targets for USOIL correction

FX:USOIL   Crude Oil (WTI)
6 months ago
USOIL             had a very sharp rally from 26.05 to 41.87 in 40 days. After a quick correction, it rallied from 35.22 to 51.64 in 65 days forming a rising wedge pattern. Then it topped at June 8th and broke out of the wedge yesterday.
Oil mid-term top detected
The first rally was corrected by 42% in price and 32% in time.

If the second rally has the same correction ratio, the price target is around 44.7 and time target is at June 29th.
If it corrects the whole rally from 26.05 to 51.64, the price target is around 40.9 and time target is at Junly 15th.

The potential target zones were labeled in the chart.

Good luck for everyone!
5 months ago
Comment: TP1 is touched. 30% position was closed.
5 months ago
Comment: It still has more space to go down. At least TP2 should be touched. I will sell more of the rebound. 46.9 and 47.7 is the level I will add more short positions.
5 months ago
Comment: I closed all of short positions at last Friday beacuse of the bullish engulfing pattern. I will watch carefully the resistance zone at 49.2~50.1.
US Oil: Watch for the resistance zone at 49.2~50.1
5 months ago
Comment: It is very likely to form a bat pattern.
snapshot
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