EuroMotif

WTI hit $ 55 target, now what? USOIL 15min study of the bounce

TVC:USOIL   CFDs on WTI Crude Oil
This is a follow up to my previous plan calling for $55 bottom:
Target was hit but where is the bounce?
This idea is a microscopic study of the bounce (if it is to happen).
If price hits the 4.236 extension before going ANY lower, then there is a chance 55 was the bottom.
Let see what happens over the last 2 days of the week....

Background:
My study of Oil began in May 2018, when I called for $80 as the target/top
As for Sept 2018, I was looking for a strong dip
Once the dive started, I was looking for $ 55 as a possible bottom:
And that price has been hit, so the current idea is a study of a possible bottom, and how to gauge strength of the bounce


Nov 16
Comment: Update: Price has hit the 2.618 again and pierced a bit. But not looking very impressive yet
Nov 16
Comment: Oil has breached the critical 2.236 and trying to hold. Still need to break the 2.618 to show true bulls signs
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Comments

failed at 2.618
Reply
@mengqin, yeah, it got rejected by the 2.618. But there is still hope that we have a temporary bottom. Support seems to be moving up one stair at a time.
Reply
mengqin EuroMotif
@EuroMotif, Hope so too! Looking forward to your new analysis on oil, and have a great weekend.
Reply
looks not going to happen today, maybe tomorrow.
Reply
Awesome analysis piece by piece. Thanks a lot @EuroMotif :)
Reply
EuroMotif danrindia
@danrindia, ty and yw :) I dont actually trade oil, but watch it for trading CAD. hopping for a bounce in OIl as CAD should be getting ripper strong soon....
+1 Reply
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