Oil finished the wave 4 correction, next target 66
Oil might have finished the wave 4 (ABCDE) correction and started the wave 5 up. Based on EW theory the wave 5 target is similar to wave 1 if wave 3 is an extension one which means it will go up for 10 dollars. If the start point of wave 5 is 56.51, the target will be around 66 which is also an important resistance level.
The dxy confirms this up trend which might go weak in a short term (I believe dxy will go strong in a long term).
Good luck and enjoy your trading!
Trading suggestion to myself:
Let profit grow and keep loss as low as possible.
When you plan to take profit just think if there is a confirmation to close the profit, if not just stay your position and let your profit grow. We usually can not hold profit but hold loss.
The dxy confirms this up trend which might go weak in a short term (I believe dxy will go strong in a long term).
Good luck and enjoy your trading!
Trading suggestion to myself:
Let profit grow and keep loss as low as possible.
When you plan to take profit just think if there is a confirmation to close the profit, if not just stay your position and let your profit grow. We usually can not hold profit but hold loss.
