USOIL-Wave (4) ended @57.28 means then we are in wave iii) of (5) ? target 75 ?
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MARKET COMMENTARY:
1. This is an alternate view for the previous bearish view and looking for an irregular flat for wave
(4) from yesterday's high 69.4.
2. I look the previous retracement for wave (2) and now for (4) its similar and it is 23.6 retracement for the previous swing wave (1) and (3).
3. Usually ALL EW traders looking some complex correction in wave (4) and if wave (2) is simple and retraced only 23.6 for wave (2).
4. So, if wave (4) was completed @ 57.28 and the rise up to 66.73 may be a leading diagonal wave i) of (5) because each impulse wave contains 5 waves.
5. After that we got wave ii) and it is in 3 waves . Once it completed we saw aggressive move to upside without any PB so for...
6. If al the above what i mentioned is a correct view as a technical analyst and market accepts then we are in the wave iii) of (5) to the target 80 to complete (5)th wave.
DISCLAIMER : All labeling and wave counts done by me by manually and i will keep change according to the LIVE MARKET PRICE ACTION. So dont bias, hope on my trade plans...try to learn and make your own strategy...Following is not that much easy...I AM NOT RESPONSIBLE FOR ANY LOSSES IF U TOOK THE TRADE ACCORDING TO MY TRADE PLANS....THANKS LOT..CHEERS
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