We saw the impulse break of the YTD trendline yesterday (01 Aug 2019) in Brent Crude and are looking at retest right now at 62.20.
This happened following a 12345 Elliott Wave move lower and an ABCDE correction. A move lower is the highest probability outcome from here and the $50 level is very possible if we break the $60 support. This could be traded from these levels with a safe stop above $64.50 area but a cleaner way is to wait for the break and reset of the $60 level which should coincide with the LEG 4 correction.
Lots of scenarios that could play out so watch carefully and time entry for move lower. A move above the blue dotted line is the time to reconsider this idea.
This happened following a 12345 Elliott Wave move lower and an ABCDE correction. A move lower is the highest probability outcome from here and the $50 level is very possible if we break the $60 support. This could be traded from these levels with a safe stop above $64.50 area but a cleaner way is to wait for the break and reset of the $60 level which should coincide with the LEG 4 correction.
Lots of scenarios that could play out so watch carefully and time entry for move lower. A move above the blue dotted line is the time to reconsider this idea.