VasilyTrader

potential reversal zone for wti

Short
FX:USOIL   CFDs on Crude Oil (WTI)

Hello traders,
last six months were really bullish for the oil market and the market has recently broken crutial level of structure and on its way up to the new highs. Contemplating such bullish waves I decided to identify potential reversal zone to catch the retracement that surely is comming.
On a weekly time frame we see nicely establishing bearish abcd pattern. Moreover, looking left we see that D point is fits with important levels of structure. Adding fib retracements of different legs, fibs confluence proves our potential selling zone.

Look, I am not talking about trend reverse and strong bearish sentiment. My point is that retracement is comming, not bearish trend.
So I set my targets on structure and B point.

stops goes above 80.

good luck

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