USOIL: Let's Take a Walk Back...
Hello everyone, this is my analysis for USOIL;
- Oil has been declining for the past three months now, especially this month with a sharp fall.
- As you can see, price has been moving in a triangular A-B-C-D-E Elliot Wave pattern. The previous push downward towards 20.00 was the formation of the E Elliot Wave. Now, there is potential for the price to move back towards 50.00, and even 75.00 and 100.00 (long-term) as the E Elliot Wave is usually an indication of a breakout of the upper trend-line.
- Price may fall towards 15.00 or 10.00 before moving upwards. However, long-term it remains bullish, thus it is safe to look for possible long-entries.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- Oil has been declining for the past three months now, especially this month with a sharp fall.
- As you can see, price has been moving in a triangular A-B-C-D-E Elliot Wave pattern. The previous push downward towards 20.00 was the formation of the E Elliot Wave. Now, there is potential for the price to move back towards 50.00, and even 75.00 and 100.00 (long-term) as the E Elliot Wave is usually an indication of a breakout of the upper trend-line.
- Price may fall towards 15.00 or 10.00 before moving upwards. However, long-term it remains bullish, thus it is safe to look for possible long-entries.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.