TVC:USOIL   CFDs on WTI Crude Oil
A significant rise for US oil today helped it to register a new high suggesting that blue wave 4 circled is in place. The new high confirms the bullish move higher and as a result, I am looking to buy the next dip, the most recent move counts quite well as a 5 wave move such a move is normally followed by another similar move after a pullback.

The proposed pullback needs to be of sufficient length (somewhere near the 50% line) and unfold in a clear pattern that allows me to set an entry level and well-defined stop loss.

Buying the dips is one of the oldest and most profitable strategies but it requires patience and careful planning

Comments

We have quite a similar bullish approach:

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SteveTobin InvestingScope
@InvestingScope, it is always good when two different techniques give a similar answer, thanks for sharing
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very good!
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