USOIL had a very sharp rally from 26.05 to 41.87 in 40 days. After a quick correction, it rallied from 35.22 to 51.64 in 65 days forming a rising wedge pattern. Then it topped at June 8th and broke out of the wedge yesterday. The first rally was corrected by 42% in price and 32% in time.
If the second rally has the same correction ratio, the price target is around 44.7 and time target is at June 29th. If it corrects the whole rally from 26.05 to 51.64, the price target is around 40.9 and time target is at Junly 15th.
The potential target zones were labeled in the chart.
Good luck for everyone!
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TP1 is touched. 30% position was closed.
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It still has more space to go down. At least TP2 should be touched. I will sell more of the rebound. 46.9 and 47.7 is the level I will add more short positions.
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I closed all of short positions at last Friday beacuse of the bullish engulfing pattern. I will watch carefully the resistance zone at 49.2~50.1.