these numbers are looking pretty harmonic here and matching up with my EW count!!!! will look to go short soon!
Looking at a potential reversal zone of 127.07 to 129.25
Anticipating an initial target of 113.59
Above is weekly chart of USOIL in log scale. Oil is in a wedge currently. It will meet an important resistance level at around 40~42.5. From elliott wave analysis this wedge has completed ABCD waves. The following wave E might bring oil to 31~32 again (The wave E might be a failed five waves. I do not think it will creat a new low because of the extended wave C)....
Patterns can be failed very unexpectedly.
Patient is the key of success. Open your trad on a strong trend.
Later I will explain about how to adjust SL and TP.
I will also explain how to get reversal signal and have more confidence on your decision.
It's all about Risk to Rewards. Get yourself mentally ready and deal for long term instead of amateurish...
Time taken by current rally is 1.2720x of the previous rally (60*1.2720). RSI is also supporting bearish biased. We might see a strong sell-off in August or September 2015.
