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). Afterwards oil's bearish which starts at July 7th, 2008 will finish and Oil's bull market will start.
From time analysis, the wave E will probably finish in the week of May 23th, 2016.
Notes: if oil breaks 40~42.5 resistance region and does not retrace back in the next two weeks, this analysis will be invalid.
Good luck for everyone!
From time analysis, the wave E will probably finish in the week of May 23th, 2016.
Notes: if oil breaks 40~42.5 resistance region and does not retrace back in the next two weeks, this analysis will be invalid.
Good luck for everyone!
Note
Here is a monthly chart to compare. I changed the count for primary wave B a bit. 
My point is oil will finish the bearish cycle soon, if you trade oil in long term it might be a good opportunity to build the long position in the following E wave. It will have a huge up after the E wave.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.