Oil's current price structure suggests another impulsive move is on the horizon. Due to the current fundamentals...OPEC scrambling to prop up the market, huge chinese monetary stimulus and a great manufacturing outlook... prices are more likely to push up from here. EXCELLENT risk to reward here with a stop at the most recent low around 49.20 and a wave 3 target that is 1.618 times the length of wave 1 (about 9.65%)... $55 is my first target to take some profits. IF my idea is invalidated, I will only lose a max of 3.5%.
LIKE, COMMENT and FOLLOW!
Thanks for checking out my idea and I encourage comments/ constructive criticisms.