OIL - Likely development on the 4hr/daily scenario

Jul 22

This looks like the likely scenario that will now develop on oil on the 4hr/daily timeframe.
In other words, we will look for an upside from now on first, back to the 0.618 re-tracement of the huge downside impulse that occurred in the last week of June.
So all buy setups we will be able to take until price hits the $72 area, then we will start looking for sells.

Jul 23

Note

Remember: OIL news today 2 hours into the NY session. Most likely our first buy setup will be then.

Jul 30

Trade closed: target reached

The up move happened, as expected. A little late on schedule, from a lower point, but happened nonetheless. All longs are now off as it might not necessarily retrace all the way to the 0.618 fib of the previous impulsive down move. As long as the C wave has broken the top of the A wave in the 3 piece correction, the pattern can be completed and the downward impulse can resume any moment. Which is why, from this moment on, we will be looking for sell setups only.

Aug 1

Note

One more upside today, a buy probably worth taking to the 72.38 area. The sell will come next week.