USOIL Plausible price action

10 Nis 2018

The rapid bullish movement is quite untypical, if it were a bear trend. The FIbonacci retracement lines would have shown some kind of resistance to the price but it breaks them with ease. Thus I made up my mind and bet on the idea that the bear move has been a correction and then I applied the Elliott waves which perfectly fitted on the long-term uptrend. It is also good to see the RSI staying above .30 which is some signal of more bulls than bears. The next target for the price should be the previous top and at least a top on the its level, If everything is OK then it should head for a top higher than the previous.
*Disclaimer: this is for educational purposes only*