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Elliott wave analysis on usoil (2016-07-30)

Elliott wave analysis on usoil (2016-07-30)

Oil started rebounding when it came to the potential reverse zone at Friday.

From elliott wave analysis, the correction wave completed likely.
Break out of the sharp decline channel will confirm the rebound.

Trading suggestion:
Go long when it breaks out of the decline channel with SL at 40.5
TP1: 43.19
TP2: 44.51
TP3: 45.90

No confirmation, no trading!

Good luck for everyone!