The
weekly chart shows the probable wave counts dowtrend from the Apr/ May
2011 top made around 116. The main counts are in red and blue and the
alternate count is in Green.
The five hourly chart shows the upmove since the bottom made around 44.
Conclusion
The
upmove that started at 44 on 18th March looks impulsive in nature. This
looks like a C wave of larger degree 4th wave (of wave C) or the first
wave of the larger degree (C) wave. In either case once all the five
waves of this 5 wave upmove is complete, there should be a deep
correction, which would be a good opportunity to buy oil and related
stocks. Also in view of the uncertainity in regards to whether the oil
has made a bottom at 44, it is best to sell any current holdings upon
completion of this 5 wave upmove, with a view to buy on correction.
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