usoil ready for 5th wave up?

8 jul 2016

Just finished a complex correction? Looking back at the chart this correction could be the 4th wave of a higher degree.
2nd wave was simple and 4th complex showing rule of alternation.

Some price targets are transcribed on the chart with reasons why.
I use the fib drawn from wave 3 down to what I think is the end of wave 4 for my fib targets. I seem to find drawing them from the last wave is more accurate.

Just testing my counting. Will not be long on this.

11 jul 2016

Nota

Hit 1.272 Fib and could be a good level to start the impulse but there is no energy there right now. Still think it is ready to go up. But more likely it will drop to 1.618 which is also is the area of the end of the 4th wave in the wedge before the correction. It also makes the E wave of the expanding triangle (or wedge) a nice looking 3. Depends how fast it reaches there.

12 jul 2016

Nota

Not a very tidy chart. Found a nice level where the e wave became 1.618 of wave d and now it's on the way up. I think that is the end of what I marked as wave (Z).

13 jul 2016

Nota

This chart could even be redundant while i'm writing this because that drop is quite aggressive. If i'm imagining it's still going to plan then it has just retraced to 0.618. If it stops here it could be a sign of a second wave correction. Will have to wait and see