Correction over? Brent Oil long

6. Juli 2016

It looks like a abcde formation is complete. I expect UKOIL to exceed the top marked III in orange

7. Juli 2016

Trade geschlossen: Stop wurde erreicht

Well well....what do we say.
It was well on its way to go for a new top. Back to the drawing board.

At the moment UKOIL is right at the bottom of the channel. For me the waves do not count nicely to say this is wave Circle E.

Now we wait and see where the market wants to go. It is still possible BUT the internal wave counts will have to be re-examined and that will only show its hand in a day or so. Tommorrow is NFP which might or might not throw a spanner in the oil.

Wait and see for now