goodguy
Long

Weekend update on USOIL (WTI)

FX:USOIL   Crude Oil (WTI)
110 0 1
Looking at my recent postings I realize some of my labeling in inconsistent. So I will try to label again that hopefully makes more sense. Basically I see the action since the low of 1/20/16 to now as part of a A-B-C correction pattern. It still could be the start of a new larger scale 5 wave up but that seems less likely but could be considered if the recent high is majorly taken out. Of course corrections can come in all kinds of forms and be very frustrating to trade. My best guess however is that over the next week or so there will be one more wave up. It would be a "C" wave which often are quite energetic. I still think the 36-37 area is a likely target. At that level (C) =(A) and C =1.6x A and it reaches overhead resistance from the previous near term high. If we drop out of the larger channel then I am most likely wrong and will exit. Hope this turns out to be helpful. Have a great weekend and great trading next week. Goodguy

Feedback always appreciated.

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