USOIL Shorting Setup
I'm bearish on oil because
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the correction phase [C wave of the ABC cycle.]
2. Triangles: I've also used the Descending triangle to show the current downtrend in the C correction
3. Fibonnaci retracements - link up well with the Support and Resistance lines of the retracement
I'm betting on it going down to $58.
In the short term, it May likely retrace to $62.30 if it breaks the triangle at $61.30 mark. If it's unable to break that resistance line and stay above it, we'll be dropping down to $58. Not before trying to break the support line at $60.07 [which it has tried to in the last few weeks unsuccessfully]
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the correction phase [C wave of the ABC cycle.]
2. Triangles: I've also used the Descending triangle to show the current downtrend in the C correction
3. Fibonnaci retracements - link up well with the Support and Resistance lines of the retracement
I'm betting on it going down to $58.
In the short term, it May likely retrace to $62.30 if it breaks the triangle at $61.30 mark. If it's unable to break that resistance line and stay above it, we'll be dropping down to $58. Not before trying to break the support line at $60.07 [which it has tried to in the last few weeks unsuccessfully]
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.