Wave 5 in Oil
Updated
In my previous chart on 
USOIL, I forgot a general rule of the Elliott wave pattern: wave number 4 doesn't overlap with wave 2.
Well okay, it overlapped slightly... But as soon as it did it jumped up. It seems like wave number 4 is completed and we are now moving up again.
I'm hoping the price still goes down a bit so I can get a nice entry, otherwise, I might just have to skip this leg.
It is never a good idea to chase a price. Just set an entry and a target and stick to it.
USOIL, I forgot a general rule of the Elliott wave pattern: wave number 4 doesn't overlap with wave 2.Well okay, it overlapped slightly... But as soon as it did it jumped up. It seems like wave number 4 is completed and we are now moving up again.
I'm hoping the price still goes down a bit so I can get a nice entry, otherwise, I might just have to skip this leg.
It is never a good idea to chase a price. Just set an entry and a target and stick to it.
Note
well the candle on the 6th of October was unexpected haha
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