Elliott wave analysis on usoil (2016-07-30)
Updated
Oil started rebounding when it came to the potential reverse zone at Friday.
From elliott wave analysis, the correction wave completed likely.
Break out of the sharp decline channel will confirm the rebound.
Trading suggestion:
Go long when it breaks out of the decline channel with SL at 40.5
TP1: 43.19
TP2: 44.51
TP3: 45.90
No confirmation, no trading!
Good luck for everyone!
From elliott wave analysis, the correction wave completed likely.
Break out of the sharp decline channel will confirm the rebound.
Trading suggestion:
Go long when it breaks out of the decline channel with SL at 40.5
TP1: 43.19
TP2: 44.51
TP3: 45.90
No confirmation, no trading!
Good luck for everyone!
Trade active
Note
Be careful! it might be a false break. I set a tight Stop Loss at 40.5!Trade closed: stop reached
Oil is still very bearish. I shorted it again. I am looking forward it going to bottom of the weekly decline channel.Trade active
tradingview.com/chart/jHqp4dh0/Note
Note
Nice rally!
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