WTI short term Retrace watch: Crude Oil study on 15min chart

This is an update to my larger timeframe trade Idea

I think we have completed wave 3 up, and are now looking for the requisite ABC to form wave 4 down.
I see three zones of importance, where wave 4 should end and waver 5 up should begin.
If price falls to the red zone, then Oil is nowhere neaar as bullish as the bounce would lead you to believe.

It is currently Asian session so not much action is expected until London open or US session.
I am hoping Asia completes ABC, then London completes wave 5 up, leaving US to decide what next after a completed 12345.

Let see how this plays out.

تعليق:

Oil playing along reasonably well. Lets see if it bounces here soon

تعليق:

Here we are, at what I thought was a likely pullback and then continuation zone

lets see what it does....

تعليق:

Been getting some bounces, but looks like we will test one more zone below yet

تعليق:

Oil finally bounced at the last possible zone, and it bounced EXACTLY off the top boundry

I guess of all the description of zones on the chart, I would have to call that red one a ''no so Bearish'' bounce. Am evaluating the bounce now and will post another update if something clicks into focus