Κυριακή, 18 Σεπτεμβρίου 2016

USO:Weekend Analysis from ElliottWaveTrader

Author: Avi
USO: Still Stuck With 3’s
Energy, 120to144MinChart

USO144min
Three waves up.  Three waves down.  All we have is 3 waves all around.
Unfortunately, that sounds a lot better than it is for a trading cue.  For now, I still cannot discern if the market is developing a leading diagonal down, or an ending diagonal up.  But, at least we have a point at which the market may make its determination.
We have an a=c off the recent highs at 9.60, which, if broken, would suggest that the market was tracing out an ending diagonal to lower lows or at least a double bottom.  However, if the market should hold 9.60, and take out the August high, then it makes it much more likely that we will see an ending diagonal to the 14-16 region.

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