Pullback Potential Area in Oil

FX:USOIL   CFDs on Crude Oil (WTI)
259 1 5
Oil             has been trading in a nice 1H Channel down for the week.

The chart show potential for a wave count that calls for a completion in the 26 area From the spike high in the last week of Jan. Normally would like to see a higher high to confirm a reversal. But watching this area carefully.

A breach above 1H highs at 27.43 would add some conviction to the count, but more importantly an upside break of the 1H channel will confirm that this structure has completed.

An Upside move can target a retest of the longer term daily down trendline in around 31.
Comment: Perfect test of the longer term daily down trendline at 31.

Short setup now posted, please see related ideas.
Exelent again Sir.Thanks for share.
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out