USOIL starts another large correction up with target around 62

Oil has been in bottom for more than one and half year. The fundamental of oil market is changing as well. We had a huge wave up from 26.05 to 51.67 from February to June which tells us that oil is in the bottom. Last one and half month's correction stopped at 39.2 and huge bull yesterday both shows that oil is preparing for another huge correction up. The target for this correction up can be around 62.

It is a good chance to trade this up wave.

Good luck for everyone!

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Currently it met the red resistance line. It is a good chance to buy the pull back.

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Pay attention to the resistance from upper line of the decline channel. Break out of the decline channel will confirm the bull. Every pull back will be a good chance to buy.

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Oil is in a fancy bull trend! It broke out of the decline channel and confirmed the bull trend again. Hold long positions tightly!

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Fantastic bull! Hold the long positions.

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Oil starts pulling back. Wait patiently when it will finish. For 4h chart it is a wave 4 correction. It should be a consolidation correction.

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The wave 4 correction has completed likely. I longed again for oil at 47. Good luck to me! -:)
www.tradingview.com/...on-usoil-2016-08-19/