UK oil is in correction wave 4. It seems that the wave 4 is a triangle correction. The triangle has finished the ABC waves and now is in wave D.
Time cycle
The wave 1 was last for 78 days. The correction wave 2 was last for 34 days. The wave 3 was last for 71 days. The correction wave 4 is last for 22 days until now. From time cycle, the correction wave 4 might finish in 9 days which is March 3rd. After that the wave 5 down will start.
Trading suggestions
Now it is still in correction wave 4. I would suggest to go long when the price gets supported at the triangle bottom line and take profit at the upper triangle resistance line.
If the price get rejected from the triangle upper line, go short. If the price breaks the triangle bottom line, add more short and hold until the wave 5 finished.
Good luck for everyone!
Time cycle
The wave 1 was last for 78 days. The correction wave 2 was last for 34 days. The wave 3 was last for 71 days. The correction wave 4 is last for 22 days until now. From time cycle, the correction wave 4 might finish in 9 days which is March 3rd. After that the wave 5 down will start.
Trading suggestions
Now it is still in correction wave 4. I would suggest to go long when the price gets supported at the triangle bottom line and take profit at the upper triangle resistance line.
If the price get rejected from the triangle upper line, go short. If the price breaks the triangle bottom line, add more short and hold until the wave 5 finished.
Good luck for everyone!
