OIL LONG: Elliott Wave Count - Buy The Gartley Impulse

17 set 2016

Hey traders! On the monthly timeframe, oil is in the midst of corrective structure before beginning a third bullish impulse. As we zoom in, we see that it is currently in a sideways correction and is nearing a potential completion of a 3-3-5 flat. If the current wave ends in a 5-wave (C), we can expect a bullish impulse to follow. This wave is predicted to complete precisely at the formation of a completed Gartley pattern and could set off the rally toward wave-(B)-of-2. In order to be sure, however, it is best to wait for the first bullish 5-wave impulse to complete and buy the second wave pullback toward target.

I will update as the tide rolls. Happy Trading

-Glenn Mercer