Hi guys, my Elliott wave technical analysis of OIL/USD signals
a bullish count, wave (a) and (b) of wave 2 are over and wave (c) should be a 5
wave pattern, possibly an ending diagonal to end present correction pattern. A
move below 101.58 would negate our count. After this deep 2nd wave correction
is over I am expecting a strong wave 3, and the whole wave (1 to 5) has a
potential price target in the range of 103.55 to 104.37.
I hope the above information will help you guys in making a profitable
trade. Please follow the money management rules along. The author will not take
any responsibility if any loss may occur.
UPDATE :
Please note that the downwards movement was actually over on friday , and now the price should be moving up to the specified target area.
Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
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