Elliott wave analysis on usoil (2016-08-19)

Oil might be in wave 4 correction now. Because wave 2 is a sharp correction, wave 4 is more likely a consolidation. No need to trade this wave.

The target of this correction might go to 46.9 (largest it can go and it might not touch) which is a good position I will join the long again.

Wait patiently for the correction to finish and join the bull trend again. For mid-long term please refer to this chart.

Good luck for everyone!

Comment:

The momentum of bear is much larger than I expected. USOIL might undergo a deep correction. Be patient.

Trade active:

Nice rally. I went long with SL at 46.5.

Comment:

It got supported from the rising channel.

Comment:

Bearish EIA data. I closed the position.