Oil- 1st Tranche is about to finish in 44.65-44.77 Zone

2 set 2016

Oil has bottomed in 4th wave43$ as per my previous post

From lows43$- It looks we have travelled the first tranche, which could finish in the zone 44.65-44.77 where the 5th wave at minor degree shall complete 61.8% of 1-3 wave distance.

As a good student of technical analysis- I still use my lessons seriously- one of the lessons I learnt few years back was never ever trade against the trend.

Here the trend is upside which has started from 43$ lows- so, It is always advisable only to buy your lots once it takes support in the zone 43.65-43.75 zone where this up move from 43$ to 44.75$ (Not fixed yet) shall be retraced 61.8%.

Any hint in that zone should be looked as buying opportunity- trust me, you will love to be with the trend because movement will be tension free.

Early the next week will be a holiday in India i.e. 5th Sep2016- shall join on 6th Sep2016- Till then, take care & enjoy.

Regards,
Abhishek H. Singh, CMT

2 set 2016

Nota

23:55 Hrs-IST-2nd Sep2016- Typing Error in callout box shown on chart- it should be 61.8% - By mistake it is shown as 0.618%.

2 set 2016

Nota

00:15 Hrs- IST-3rd Sep2016- Vow look at the fall from the top@44.67 - I expected 44.65-44.75 zone.