While Oil has made a short term recovery from recent lows around 26.00, a classic Wolfe Wave pattern is forming pointing to possible exhaustion and a drop lower later in the week into next. If Oil shifts above 35.50 it is time to watch for signs of weakness with defined resistance at 36.20 offering nice point to accumulate short entries.
Wolfe waves will...
USOIL is expected to sink now.
There are many reason why we feel it may sink.
01. It is trying to touch Tgt 01. of quarterly short level of 29.66
02. HAMMER in daily Chart.
03. To sink and come near quarterly Tgt 01. sell level of 29.66
04. Stoch RSI (3,3,14,Close) clearly states it may sink.
05. RSI(14,CLOSE) Is also of the same view.
06. CCI(20,CLOSE) Is...