Tuesday, May 26, 2015 11:27:40 PM
I want to use the USO chart for oil because it's cleaner and should give everyone a better idea what I'm thinking. I'll give you guys CL targets as well but to illustrate the movement USO is a little better IMO>
The lower low we hit today invalidated the 4th wave triangle so that only leaves two possibilities.
The reason I'm long is because this could be the start of the last leg higher and if it's not I should be able to get out on the wave 2 bounce.
And YES my target for the low is between 12-13. It doesn't matter if we move there from here or from a new high it doesn't change the lowest target.
I think this is pretty clear but let me know if anyone has questions.
The lower low we hit today invalidated the 4th wave triangle so that only leaves two possibilities.
The reason I'm long is because this could be the start of the last leg higher and if it's not I should be able to get out on the wave 2 bounce.
And YES my target for the low is between 12-13. It doesn't matter if we move there from here or from a new high it doesn't change the lowest target.
I think this is pretty clear but let me know if anyone has questions.
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