USOIL EW analsis - primary wave set for an upside rally
US Oil has been trending down for a number of months and is prepared for a fair correction of the down trend. I picked the bottom when I spotted a tell tale EW pattern the Ending Diagonal, see below. After USOIL rallied impulsively to around $53 it corrected the rally non impulsively. This can therefore be considered either a primary wave, or a wave A of a larger correction. One can expect even in a bearish case a rally to around $60-$70 per barrel from this level.
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