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Long @ 1.32228 (38.2% fib and retest of trendline)
Oil moves on news specifically the weekly oil inventory figures.....so If price is 45.87 or thereabouts on WEDS PM 14th September ....then buy the oil inventory data release to complete this butterfly pattern.....to a target of 50.50......
There is a bigger potential butterfly sequence that this is part of which would take price to 59 area.....see my other post ...
Even us die hard bulls were questioning the validity of this elliotwave 5 wave sequence earlier in the week which gives USoil a potential butterfly pattern to 59 dollars , but now it has shown its true colours.
I will be looking at 48.30 as its key resistance for a short...and a potential retest of the 46.60 support....before it takes off again...
I opened a short on the retest of the trendilne @ 1352
Im targeting 1328.75 which is support and would complete a crab pattern.