Κυριακή, 31 Ιουλίου 2016

USOil: Weekend Analysis from ElliottWaveTrader

Author: Avi
USO: MACD Suggests Bulls Can Take Control
Energy, 120to144MinChart


The USO has now dropped down to the .618 retracement of the rally off the February lows.  My preference remains that the market provides us a lower low, but the market really does not care about my own preferences.  So, allow me to present the potential I see as of the close on Friday.
I have two potentials I am currently tracking.  The first is that the market is on its way to lower lows.  However, I cannot say that the MACD is supporting that thesis at this point in time.  Rather, the divergence in the MACD seems to point towards the market bottoming in a larger degree b-wave.  If this were really the heart of some third wave taking us down to lower lows, we should not see such stark divergences on the MACD at this time.  That being said, it will take an impulsive move through 10.20 to have me looking higher more aggressively.
But, in the micro count, it does look like the market wants to target the 8.85 region, even in the b-wave structure.  So, as long as we remain below the 10.20 region, I am going to expect the 8.85 region to be seen.

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