US OIL - THE WEEK AHEAD - WAITING FOR A REASON TO BUY -

27 Ogo 2016

As I forecast in my post last weekend , oil has been undertaking an ABC correction as part of Wave 4...its been a long and frustrating correction......mostly due to the stubborn support at the .0236% retracement level...had the correction gone to 0.382% then we would now be in an upward wave as all bulls would be on board....instead we are going sideways waiting for a reason to buy.....I believe the reason to buy will be when we hit the support (blue) trendline around the middle of the week, then we should see a nice strong bounce for the 5th wave....so I will be going long around weds/Thurs at 46.6........or if the price hits the support line beforehand.....

29 Ogo 2016

Nota

So far so good...Ive put an order in at 45.25...in case we breakout below 46.64 support overnight....IIm not expecting it to stay at 45.25 for long, its likely to be a spike in my opinion and the trigger for 5th wave up (as well as support trendilne)....or alternative will just be tagging the 46.64 until we hit support trendilne....