ukoil 1st Elliot Wave atempt LONG

Apr 7, 2016

My attempt at Elliot wave on UKOIL (Brent)

Apr 11, 2016

Note

Wave 3 will travel 1.618 wave 1 at 43.55
This is a normal Fibo for wave 3 to travel
Nearly nearly
Careful as tommorrow is Opec/Non opec meeting which could take us either way

Apr 12, 2016

Note

Wave 3 Complete?
Wave 3 started to show divergence at 43.6 and actually came down a bit. Then Saudi Arabia and Russia announced that they agreed on the Prod vol freeze...tough luck for me.
Still at 2 times Fibo level is 44.71 so we are in play for wave 4 to come down to 42.4 or 41.69 ..i am not sure where so look carefully

Also: Correction: I said that Opec/Non Opec meeting is today...wrong...it is actually on Sunday 17 April

There is a lot of expectations for meeting but I cannot see Russia, Saudi, Irak, Iran and the big question? Will American oil come back? So will they agree? In the mean time use the Price Action to bag the pips