goodguy

US Oil: Possible short term course.

FX:USOIL   CFDs on Crude Oil (WTI)
202 0 5
The entire price action the last 3 days looks like a 5 wave up pattern.(see 15 min chart) This usually is followed by another 5 wave up pattern after a correction. The corrections can be complex (such as a 5 wave triangle) or simple (such as an a-b-c)). After that I would not be surprised to see another 5 wave move up to a new short high, perhaps to the 35-36 level. If it would go much higher then it could be part of a more extensive 3 wave. Obviously if the "correction" goes below the recent low this concept is wrong.

Take care. Goodguy
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