EXCELLENT Risk to Reward Oil Long

Oil's current price structure suggests another impulsive move is on the horizon. Due to the current fundamentals...OPEC scrambling to prop up the market, huge chinese monetary stimulus and a great manufacturing outlook... prices are more likely to push up from here. EXCELLENT risk to reward here with a stop at the most recent low around 49.20 and a wave 3 target that is 1.618 times the length of wave 1 (about 9.65%)... $55 is my first target to take some profits. IF my idea is invalidated, I will only lose a max of 3.5%.

LIKE, COMMENT and FOLLOW!

Thanks for checking out my idea and I encourage comments/ constructive criticisms.