Countertrend long after heavy selling

TVC:UKOIL   CFDs on Brent Crude Oil
We are still in downtrend, but still a lot of buy orders residing in the blue demand-area. Expect 50% FIB- rally from last high-low, followed by pullback to demand-area and then explosive upward move to upper supply.
Trading ranges carries no edge. Until this clears 50 and confirms a bullish trend you are predicting a bounce. It may happen and you make a small profit unless you risk large but there is no longevity in this approach. This handed out very good profit in the bear trend from $90 to $40 but after every trend there is a consolidation. Trade when in trend, Stand aside when not.
eirik.kaasa zaheeranwaritrader
@zaheeranwaritrader, Thanks again!
@eirik.kaasa, You are welcome.
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