WTIOIL BUY TO 67

WXY CORRECTION IN PLACE GOOD BUY ZONE STOPS@ 62.60 TP@ 67

Note

this is to give you an ised of what we are working with on oil. i outlined the triangle in that Y wave of the WXY that triangle signals that the Y wave should end and is not an impulse wave so the move up to aroung 67 is expected, however there is still a big head and shoulders pattern which is signaling sell so i would look for a correction to sell into the h&s this one is one to watch and be careful with.

Note

so that entire move at the low labled WXY in blue was a expanding flat correction which just kept getting bigger and trapped buyers. the head and shoulders pattern seems to be in control now but bear in mind the 5 wave move down has a triangle in wave 2 and can still cause a price rally back to 67 area so what we will look for now is another correction to signal a sell trade most likely this time we just get a simple 3 wave correction to take us to 60. see chart.

Trade closed: stop reached

i will update with a new post

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