Price in USOIL has completed an 5-3 Elliott wave cycle with c wave testing a key support level. At that level we can see the bottom line of a rising channel and a long term resistance level which was broken last week, now acting as support. A bulish hidden divergence supports more the idea of going long.
I would place stoploss below the long term trendline and as a profit target i would aim for 1.27 fil level of the 5 wave impulse.
Long term resistance, now acting as support:
Like and comment,
John
I would place stoploss below the long term trendline and as a profit target i would aim for 1.27 fil level of the 5 wave impulse.
Long term resistance, now acting as support:
Like and comment,
John