US Oil Near Completion Of Upward Correction ??
US Oil has been in corrective mode since the low in Feb 2016.
The correction comes in the form of (a)-(triangle b)-(c).
(c) appears to be correcting in the form of a Ending Diagonal.
The diagonal appears in the final wave v.
As wave iii is shorter than wave i, any price intrusion above 55.97 will invalidate the diagonal interpretation.
The correction comes in the form of (a)-(triangle b)-(c).
(c) appears to be correcting in the form of a Ending Diagonal.
The diagonal appears in the final wave v.
As wave iii is shorter than wave i, any price intrusion above 55.97 will invalidate the diagonal interpretation.
Comment:
OIL has now completed Wave A (Circle) but Wave B has evolved into a more complex consolidation which should complete within a day or two.
Thereafter, Wave C will complete the final leg up into the forecast target area.
Thereafter, Wave C will complete the final leg up into the forecast target area.
Comment:
OIL looks to have completed its Wave B (circle) correction.
And appears to be resuming its final leg up.
And appears to be resuming its final leg up.
Order cancelled:
This analysis has been superseded.
Refer to updated analysis.
Refer to updated analysis.
OIL has broken through consolidation.
It is likely to be on course for its anticipated final leg up.