Traders,
USOIL corrective structure A-B-C (circle) since 09.06.2016 is close to ending, after a last drop, when C-wave (circle) completes as an expanding ending diagonal.
A-B-C (circle) possible expanding flat corrective structure pattern.
1- Wave-A (circle) developed into a ZigZag pattern, internal 5-3-5 structure [ a. - b. - c. ] ending at 39.23
2 - Wave-B (circle) developed into a ZigZag pattern, internal 5-3-5 structure [ a. - b. (expanding flat) - c. ] ending at 55.21, right on 23.6% fib extension of wave-A(circle)
3 - Wave-C (circle) possible expanding ending diagonal, internal 3-3-3-3-3 structure, targeting 36.00(+/-), where 23.6% fib extension of wave-A(circle) is, 61.8% fib retracement of
1-5(circle) impulsive motive and also it's where (i) to (iii) equals (iv) to (v).
Another close target could be where 4-wave's (circle) low is (35.27).
After completing this downside, watch for the next uptrend start, and buy the next (C) wave.
Trade with discipline.
Best
USOIL corrective structure A-B-C (circle) since 09.06.2016 is close to ending, after a last drop, when C-wave (circle) completes as an expanding ending diagonal.
A-B-C (circle) possible expanding flat corrective structure pattern.
1- Wave-A (circle) developed into a ZigZag pattern, internal 5-3-5 structure [ a. - b. - c. ] ending at 39.23
2 - Wave-B (circle) developed into a ZigZag pattern, internal 5-3-5 structure [ a. - b. (expanding flat) - c. ] ending at 55.21, right on 23.6% fib extension of wave-A(circle)
3 - Wave-C (circle) possible expanding ending diagonal, internal 3-3-3-3-3 structure, targeting 36.00(+/-), where 23.6% fib extension of wave-A(circle) is, 61.8% fib retracement of
1-5(circle) impulsive motive and also it's where (i) to (iii) equals (iv) to (v).
Another close target could be where 4-wave's (circle) low is (35.27).
After completing this downside, watch for the next uptrend start, and buy the next (C) wave.
Trade with discipline.
Best
Note
First target was hit, have a close look at price action maybe even for 50.50(+/-). If price reverse from price now watch for sellPattern is still valid.
Note
Price reached 50.40 and pulled back close to 50.50(+/-)Possible one more wave up to complete the 5-wave sequence and the ZigZag.
Overall, watch for reversal
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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.