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Daily Outlook of USOIL

FX:USOIL   CFDs on Crude Oil (WTI)
Crude Oil 4 Hour cycle is bullish against 2/11/2016 (26. 05 ) low and 1-hour cycle is bullish against 6/21/2017 low (42. 05 ). Oil has ended cycle from 8/1/2016 low (39.19) and currently correcting that cycle in 3, 7, or 11 swing in wave IV. As far as bounces fail below 70.44 high, expect Oil to extend lower 1 more leg before the rally resumes. We favor the downside in shorter time frame while pivot at 71.14 high stays intact.

Sell USOIL Pending Order

@69. 40 /75

Target: 68.00
Stop Loss: 70.00

Good Luck

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