Κυριακή, 21 Αυγούστου 2016

USO: Weekend Analysis from ElliottWaveTrader

Author: Avi
USO: Bullish Trend Gets Stronger
Energy, 1to5MinChart, 120to144MinChart

USO 5min
Last weekend, I noted my targets for the bullish trend, which is our primary pattern, noted in green:
As you can see from the attached 5 minute chart of the USO, our next test is the 10.75 region, at which time I will move support up to the 10.35 break out point.  And, as long as we maintain support on our way up to the 11.75 region, then we are on our way to completing wave 1 of the c-wave up to the 14 region, if not even higher.
Nothing has been seen to change my perspective at this point in time.  In fact, everything I have seen has only strengthened my perspective. 
From the 5 minute chart, we are now looking for a wave (iv) pullback in the USO, which should not exceed the 10.65 level. The ideal target for this pullback is 10.75-11.  After wave (iv), I am going to expect a 5th wave up towards the 11.75 region to complete the first 5 wave structure we have seen in quite a long time in the oil complex. This should then trigger a wave 2 pullback/consolidation, and set us up to attack the 14 region, with the ideal target now looking to be around 16.
It would take a break down below 10.65 before we complete 5 waves up to make me believe that a lower low will be seen before we see much higher levels.
USO144min

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