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