US OIL - THE WEEK AHEAD - WAITING FOR A REASON TO BUY -

As I forecast in my post last weekend , oil has been undertaking an ABC correction as part of Wave 4...its been a long and frustrating correction......mostly due to the stubborn support at the .0236% retracement level...had the correction gone to 0.382% then we would now be in an upward wave as all bulls would be on board....instead we are going sideways waiting for a reason to buy.....I believe the reason to buy will be when we hit the support (blue) trendline around the middle of the week, then we should see a nice strong bounce for the 5th wave....so I will be going long around weds/Thurs at 46.6........or if the price hits the support line beforehand.....

Comment:

So far so good...Ive put an order in at 45.25...in case we breakout below 46.64 support overnight....IIm not expecting it to stay at 45.25 for long, its likely to be a spike in my opinion and the trigger for 5th wave up (as well as support trendilne)....or alternative will just be tagging the 46.64 until we hit support trendilne....