zhipengcfel

Elliott wave analysis on oil (2016-01-31)

FX:USOIL   CFDs on Crude Oil (WTI)
Oil is in correction wave D and met a resistance at round 34.5.
The correction wave does not seem to complete from the bullish divergence of RSI . The bigger resistance is at around 37.7.
If 34.5 breaks, it will go up to 37.7.
For next weeks I would suggest to go long if 34.5 breaks and take profit at around 37.7.
If it rejets back from 37.7 afterwards, I will open a short position.

I have made a month chart and a day chart elliott wave analysis on oil in last weeks. This is a week chart analysis.
Month chart:
Day chart:

Good luck for everyone!
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