Oil is a Good buy in 2016. Oil should pop up from here with 3 wave swing to complete cycle wave.
There are a lot of traders agreed with this Idea. However, I have to consider an alternative in ElliotWave analysis. Many of the traders thinking to short again from 43. I am not against to their decision. The above idea represents possible area to bounce the PA. Currently there is no trend reversal yet. As a trade before entering into position I need to see some kind of reversal structure or candle stick pattern.
I would like to share my Alternative View to look at.
Shaiju, for me the two key days are 7/7 & 7/22 (where it broke 46 and 44). If I take 7/7 I get target as 39, and considering 7/22 its 37. I'm more inclined to 37 as mentioned in my previous comment, as the fall was rapid after that. Those are my targets for max 2 weeks timeframe. Will take a fresh look if it hits SL or if we cross the 2 weeks timeline. Only time will tell. lets see.
Hello Keefer0 Good to see you again. It should Popup. 39 is the key level. I am looking for 62 before setting a decent reversal. I am guessing we need 4 months to reach that target. Next year oil should drop again. Careful when trading oil because oil US oil inventories make it bear one more time in this week.