Elliott wave analysis on usoil (2016-08-07)

USOIL started rebounding from last Wednesday. From elliott wave analysis the rebounding has a five wave up structure which means the rebounding does not finish yet. It might continue rebounding to 42.5 -> 43.1 -> 44.5. We need to pay attention to the resistance line from the previous broken decline channel.

For daily chart we need to pay attention to the resistance at 42.58 and 43.24. If they are broken, it will go up to 44.5 which is a very important resistance level on weekly chart.

As for trading suggestions I still hold positions from last Thursday with SL moved to 40.9. I will hold the long as long as the rising channel holds.
www.tradingview.com/...or-USOIL-2016-08-04/

Good luck for everyone!

Kommentera:

Nice rally! The next target we need to pay attention to is 42.5 and 42.87 which is the upper line of the decline channel.

Trade stängt: målet nått

Kommentera:

It is coming to the upper line of the decline channel, so I booked all of profit to see whether it can break it or not. And then I decide the next trade setup.

Handel aktiv:

Fantastic bull here. TP1: 44.5 TP2: 45.95 TP3: 46.95

Kommentera:

Daily chart elliott wave analysis:
www.tradingview.com/...th-target-around-62/

Kommentera:

Nice bull here. TP1:44.5 is touched. I moved the SL to 43.8.

Trade stängt: målet nått:

TP3 reached! wave 4 might be ongoing. I closed all of longs and wait for the finish of the pull back to join the bull again.