fxkronk
Long

USOIL: Potential Butterfly Pattern

FX:USOIL   Crude Oil (WTI)
Price has broken a long term resistance and after a small rally it makes a correction. In the chart we can see a potential butterfly pattern where its D point is at the 0.618 of the impulsive leg which broke the resistance level. In elliot wave i believe this at D point we have the begining of wave 3.

Entry Point: 42
Stoploss: 39.75
Profit Target: 52.30

Good luck to those who will follow. :)
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