Elliott wave analysis on usoil (2016-07-23)

23 Tem 2016

Correction structure of usoil is quite clear now. The wave C-4 is a triangle structure and was broken in Friday. The price is in wave C-5 currently. The target of C-5 is at around 42.2 based on the triangle broken and 41.4 if wave C-5 equals C-1. The correction might finish next week.

Trading suggestion:
The price rebounded from bottom of the channel. Watch for the resistance at 44.5~44.7 which has a short trading opportunity if price is rejected back with SL at 45.1
TP1: 42.2
TP2: 41.4

Or you can wait for the complete of correction to go long.

Good luck for everyone!

25 Tem 2016

İşlem aktif

Opened short at 44.32 with SL at 45.1.

25 Tem 2016

Not

It is a nice progress. We might see the TP1 tomorrow.

26 Tem 2016

Not

Oil is in a 1h decline channel. Pay attention to this decline channel. I will close shorts when it breaks out of this channel, otherwise I will hold patiently.

26 Tem 2016

İşlem kapandı: hedefe ulaştı

I closed the short positions to check what will oil go following.