USOIL corrective structure A-B-C (circle) since 09.06.2016 is close to ending, after a last drop, when C-wave (circle) completes as an expanding ending diagonal. A-B-C (circle) possible expanding flat corrective structure pattern. 1- Wave-A (circle) developed into a ZigZag pattern, internal 5-3-5 structure [ a. - b. - c. ] ending at 39.23 2 - Wave-B (circle) developed into a ZigZag pattern, internal 5-3-5 structure [ a. - b. (expanding flat) - c. ] ending at 55.21, right on 23.6% fib extension of wave-A(circle) 3 - Wave-C (circle) possible expanding ending diagonal, internal 3-3-3-3-3 structure, targeting 36.00(+/-), where 23.6% fib extension of wave-A(circle) is, 61.8% fib retracement of 1-5(circle) impulsive motive and also it's where (i) to (iii) equals (iv) to (v).
Another close target could be where 4-wave's (circle) low is (35.27). After completing this downside, watch for the next uptrend start, and buy the next (C) wave.
Trade with discipline. Best
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First target was hit, have a close look at price action maybe even for 50.50(+/-). If price reverse from price now watch for sell Pattern is still valid.
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Price reached 50.40 and pulled back close to 50.50(+/-) Possible one more wave up to complete the 5-wave sequence and the ZigZag. Overall, watch for reversal
hello sir pl look on usoil chart current junction .question is still valid for downside to 36 approx or already started new uptrend. Pl reply as soon
ChrisMark
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Hi @royalbengal, the pattern is still valid, first target was hit, price action will tell us if we get the reversal we want, maybe have an eye for 50.50(+/-) too.
Thank you ChrisMark! Maybe lower to 35, 30, I agree with you.
ChrisMark
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@victor.Y.F, Hi Victor, according to fib confluence, 35-36 is a good area to bear in mind, whereas 30 area is much lower from my targets and measurements. Don't forget we're expecting (C) wave to complete the bigger correction, so a drop close to 30, is a big retracement.
UnknownUnicorn762819
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@ChrisMark, yes the big crash is coming...good work