Kirahehe

Kirahehe Updated 

i believe that wave 3 and 4 of orange has complete and now is the start of wave 5 of orange. Initial target for wave 5 is at 94.99 as wave 5 = wave 1. The next target will be at 161 of wave 1 - 4 which is at 99.09

Kirahehe Updated 

it seems like the 5 wave to the upside has complete. i anticipate a 3 wave decline to area 0.5 to 0.786 retracement for wave 2 orange before begin to rally again for wave 3.

Kirahehe Updated 

The ending diagonal seems completed at 1.236 fibonacci extension of Wave W to Wave X. I would like to see the high of 86.66 and 90.17 to be taken out as confirmation for high probability trade which shown in figure. The figure was taken from Jeffery Kennedy's book. Whether this is the start of Wave 3 of higher degree of Wave 5 or Wave B of 2 is not yet known. For...

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i see that the wave 3 of purple is complete and now waiting for wave 4. if want to go long although it is not recommended, i suggest put stops at 78.18. i expect wave 4 complete at fibs level 0.236/38.2 or even 0.5, which are the common levels for wave 4. The invalidation for this wave is at 82.39. After the complete of this slight rally, i expect price will make...

Kirahehe

to be honest, i don't even understand what USOIL is doing right now. so, i just laying all the possibilities that i see :)) in this count, last leg of an ending diagonal could unfold.

Kirahehe Updated 

I'm being a bit skeptical on this count because as for now price does not move beyond the parallel channel, black and green one. Jeffrey Kennedy, one from elliott wave international said that corrective price often contained between parallel channel. So, if price does not move beyond 81.21, i'll consider wave 2/4 of light blue or maybe as A of 2 of light blue has...

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What if the downward move is a correction move (wave 2 of light blue) of the whole rally up (wave 1 of light blue) and not wave 3 and wave 4? What if the rally already complete?

Kirahehe

Going long at the break of the red channel for 3rd wave of green with invalidation at 90.53 in case it is not an expanded flat correction. Alt count is the blue one.

Kirahehe

I think that the price has completed an expanded flat for red wave 4 and would make a new swing low to complete light blue wave c of as shown by the green and red count. before this i assume that wave c of light blue has finished as shown by blue wave. the problem with that count is that the time taken for wave 4 is too short compared to wave 2. As for now my main...

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Another 5 wave (green) leg down to area 123.6 fibs extension and 50% retracement of wave 3 Light blue is also possible if we assume the red wave does not complete yet.

Kirahehe Updated 

I think that the correction of Wave 4 of light blue has finished as there is 5 wave of Wave C. Furthermore, it has reached 100% extension of Wave A. Another confluence is that the area of 100% extension of Wave A is the zone of previous wave 4. I would like to see the Wave 4 of C taken off for more conformation. As for now, the previous wave 4 of C on the lower...

Kirahehe

My mistake from previous count that i assume the light blue Wave C is diagonal. Right now there is a complete 5 wave to finish the red Wave 5 which is the green one. However, there is another posibility that the red Wave 5 does not end yet and will make a last leg down as shown in the black one. For now, as long as price does not move beyond 85.72, i'll assume...

Kirahehe Updated 

Because price in the rectangle is choppy, i decide to recount. as a result, i think the light blue C wave maybe already finished as there is a 5 wave which takes place as an ending diagonal. Therefore i expect 5 wave move to the upside with an invalidation of 90.54. The alternative count is it could be unfolding as 3 wave corrective before resuming to the downside.

Kirahehe

i still seeing USOIL has more room to the downside. I'm on short position at price of $102.09 and $103. My first target is at 76$ and my last target is at 64$. My stop loss is at the invalidation level + spread which is 106.21$.

Kirahehe Updated 

My analysis suggests USOIL is making a 1-2, 1-2 move towards the downside to with invalidation at 114$. What do you guys think?

Kirahehe Updated 

I'm pretty convince that the wave 2 of red is not complete yet as it need another last leg of green C wave. If the price break invalidation level, i guess that the wave 2 of red already complete. Therefore, i expect another up movement until 117 approximately.

Kirahehe

As for now, i see price make a 3 wave down. If the price make another low, the count that is pointed by red arrow is more preferable, which means wave 2 for red is complete. If price rally beyond my key level, i rather wait for 5 wave up for green C wave to complete. This is just an analysis, i'm sorry if the price does not follow it :)

Kirahehe

I'm waiting for the price reach 50%-61.8% retracement as it is a common teritory for wave 2 to end