USOIL: Let's Take a Walk Back...
Hello everyone, this is my analysis for USOIL;
- Oil has been declining for the past three months now, especially this month with a sharp fall.
- As you can see, price has been moving in a triangular A-B-C-D-E Elliot Wave pattern. The previous push downward towards 20.00 was the formation of the E Elliot Wave. Now, there is potential for the price to move back towards 50.00, and even 75.00 and 100.00 (long-term) as the E Elliot Wave is usually an indication of a breakout of the upper trend-line.
- Price may fall towards 15.00 or 10.00 before moving upwards. However, long-term it remains bullish, thus it is safe to look for possible long-entries.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!
- Oil has been declining for the past three months now, especially this month with a sharp fall.
- As you can see, price has been moving in a triangular A-B-C-D-E Elliot Wave pattern. The previous push downward towards 20.00 was the formation of the E Elliot Wave. Now, there is potential for the price to move back towards 50.00, and even 75.00 and 100.00 (long-term) as the E Elliot Wave is usually an indication of a breakout of the upper trend-line.
- Price may fall towards 15.00 or 10.00 before moving upwards. However, long-term it remains bullish, thus it is safe to look for possible long-entries.
- Thank you for dropping by and checking out my idea!
- If you support my view, a like would be highly appreciated. Otherwise, feedback and suggestions are always accepted!
Good luck!