Crude is probably in wave B of wave 2 As stated in my weekly chart we are bearish on this market and are not taking any serious bullish trades.
On the hourly chart crude oil has probably finished a leading diagonal as wave 1 or A and had started a wave 2 or B we will enter short position once price breaks below $ 15.64 mark with a higher volume
ALTERNATE WAVE COUNT: Alternate wave count suggest that the price might be in wave b as a triangle of a ABC correction and the wave c will extend upward targeting $ 20+ once it breaks above $ 18.26 with higher volume
We are bearish at this point and will only take bearish trades of this market
💡 Volume is the key factor at breakout above or below
Let see how this plays, Good Luck !
Disclaimer: This is for informational purpose only, anyone taking trades using this idea will be liable of their own loss
Trade active
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Short position taken with a stop loss above the previous swing
Trade active
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Targets are fibs 0.38/0.50/0.618 as the market progress
Price has started to lose some momentum, price has started to diverge on lower time frames, most probably price will make a correction before hitting 0.61 fib level which is too early to say
Profit taken - 25% holding positions closed
Next profit taking at 0.38 - 25% holding 0.50 - 50% holding
Trade active
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Stop loss moved down to last swing
Trade active
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Profit taken - 25% holdings closed
Trade active
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Stop Loss moved down to last swing
Comment
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We will close this trade if the hourly chart candlestick end as a hammer or something similar, the market might burst to reach fib 0.5 or 0.61 as the New York opens, however we are protecting our profits and will enter this market again once market consolidates and provides a good selling opportunity