USOIL triangle correction (2017-01-13)

2017년 1월 13일

USOIL is quite choppy in the last half year.

This is 1000/usoil chart which is more clear than usoil to tell us what is going on. After the quick decline in the first half year of 2016, 1000/usoil is in a large triangle correction. The wave E is going on now.

We should see a rise for 1000/usoil to complete the wave E which means usoil might have a drop in following weeks.

Good luck for everyone!

2017년 1월 13일

노트

1000/usoil has chance of breaking down the neckline and starts the rapid decline without wave E. Buy the pull back of oil is more wise. Trade in long-term is more profitable.

2017년 1월 17일

노트

Pay attention to the decline channel.

2017년 1월 18일

노트

Oil's move is quite confusion currently. If you are a long-term trader, I suggest waiting for the pull back to go long. If you are a swing trader or short term trader, I see a quick pull back in short term.

Good luck!

2017년 1월 18일

노트

It is going to break out of the wedge.

2017년 1월 18일

노트

It is in a wave (C) down. It should contain five waves. Target is around 48.8, if it can break out of the wedge.

2017년 1월 18일

노트

Really choppy oil. Pay attention to the support line and resistance.