I posted an analysis last week on Us Oil, which I realized it was wrong! So I have analyzed Oil again and now I am sure about the analysis I have made.
In the Daily, we have the start of an Elliott motive wave. So we know Oil is going uptrend. I will post the Daily view after this one.
In the hourly chart, we can see the H1 impulses and respective corrections. Last corrective move has been broken, so now we want to look for a buysetup = FLAG, and get on a long position.
Whenever we reach the topest orange level the market should brake it, if it doesn't, we will save the trade putting stop to brake even.
Carlos
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Flag forming up! Start planning your Buy positions