This is a follow up to my USO post. It now appears that the Elliott Wave Horizontal Triangle is complete. If so starting on 10/3/16 a post triangle thrust down to $26 on the weekly nearest continuing chart should begin.
In a Horizontal Triangle each of the five sub waves must subdivide into three wave patterns or a variation of a three wave pattern. In this triangle waves "C" and "E" are single Zigzags. Waves "A", 'B", and "D" are double zigzags.
Also the latest Commitment of Traders Report shows the Commercials still have a very large short positions.
You want to follow the Commercials they have the most money.
Mark
In a Horizontal Triangle each of the five sub waves must subdivide into three wave patterns or a variation of a three wave pattern. In this triangle waves "C" and "E" are single Zigzags. Waves "A", 'B", and "D" are double zigzags.
Also the latest Commitment of Traders Report shows the Commercials still have a very large short positions.
You want to follow the Commercials they have the most money.
Mark
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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.