USOil: Did This Finish The Bull Wave?

16 thg 10, 2018

USOil is showing signs of having topped. But then again, it has done that several times. And if you didn't know or at least had a good idea of where in the wave count oil was at, then you probably don't have a clue.

In my wave count scenario as you can see on my chart, I am showing that it has "sort of" topped! What I'm counting is that the MAJOR Bull wave (3) ended. Is that true? I don't know for sure. Price action actually has not confirmed that yet. And that is what I am looking for.

In the past 2 months since September, I've been targeting this "last" impulse wave up in Oil as the last wave v of (v) of that larger wave (3) and trading it that way. As you can see, since this last wave started (whatever it is), I've traded it 4 times and resulted in over +770 pts profits. Three winning trades and one losing trade. All based on my wave count.

But if you know price action, then what you should be looking for and what I am looking for is for there to be a retesting of that possible wave (3) ending high. That is what I am looking to happen. If and when it does that, then that would setup a very good risk:reward trade. The kind that I LOVE!

Currently, Oil is sitting right on that up trend (blue line) TL and is being rejected by it so far. Should that TL hold, then we should see Oil bounce back up and retest that wave (3) high. If it should break that TL and head lower, then I will be looking at another classic kind of price action SELL setup.