Brent Crude Oil is heading towards a sweet area for a short
Hello guys,
After the recent break of crude oil out of a really lengthy consolidation phase (Triangle), as anticipated we're seeing lower lows ever since.
This trending environment makes every Elliott Wave trader happier than any other time.
In the previous 14 days we've been sitting in the retracement of the recent down-move.
We're heading towards a sweet confluence area which I've marked with a tiny yellow rectangle.
As noted in the chart it has incredible confluences of all kind. From 1.272 expansion to 38.2% retracement.
This kind of setup is ranked among highest probability trade setups.
Now, as every smart trader wants to get out of a wrong setup, we're put our stops on 94.2, just above 61.8% retracement, in order to get out of this trade with minimum loss.
I've never done time predictions, but let me test my luck on this one:
I think UKOIL is going to hit 89.2 at the end of September or early in November.
My projected days are: 31st of September or 2nd, 3rd of November.
I got this time from the time cycles Brent has been going through.
The retracements have been 6 days long. Now this one is expected to be 18 days long = 3 x 6 days
I hope this setup sets as expected,
Until next time, have a profitable week.
Davood Wadi.
After the recent break of crude oil out of a really lengthy consolidation phase (Triangle), as anticipated we're seeing lower lows ever since.
This trending environment makes every Elliott Wave trader happier than any other time.
In the previous 14 days we've been sitting in the retracement of the recent down-move.
We're heading towards a sweet confluence area which I've marked with a tiny yellow rectangle.
As noted in the chart it has incredible confluences of all kind. From 1.272 expansion to 38.2% retracement.
This kind of setup is ranked among highest probability trade setups.
Now, as every smart trader wants to get out of a wrong setup, we're put our stops on 94.2, just above 61.8% retracement, in order to get out of this trade with minimum loss.
I've never done time predictions, but let me test my luck on this one:
I think UKOIL is going to hit 89.2 at the end of September or early in November.
My projected days are: 31st of September or 2nd, 3rd of November.
I got this time from the time cycles Brent has been going through.
The retracements have been 6 days long. Now this one is expected to be 18 days long = 3 x 6 days
I hope this setup sets as expected,
Until next time, have a profitable week.
Davood Wadi.