USOIL - love and hate (again)

USOIL hit me yesterday. I had to revise the count and go back to the previous count with ABC expanded flat. The price is likely to bottom near 54 by/at US open. and reverse. I will put a limit buy with a small lot as I will be asleep.

交易开始:

by the first look of it - not terribly bullish as it looks like a pennant after steep fall. The count though suggests we are about to enter wave three. Conservative traders may move steps to 54. I will add position with a tight stop at 54.95

交易开始:

Ok, that was not it for ABCDE, in modern markets E usually overextend to take out stops. I am still holding the recent long. But all of the stops will be moved to 54.8 once the end of the E is confirmed.

RSI is extremely oversold on 5mins chart forming a negative divergence, speaking bulllish