After the rally from 45.5 to 49.60 (big completed gann
) , i am expecting some retracement on it, it looks like the retracement has already started. Oil
has the tendency to retrace at least 50 to 75 % of the rally. In this case the 50 percent of big move is around 47.5. As long as the price stays below the high of 49.6 i will be interested to short this below 48.6 for targets around 48.20/47.5 and 46.49 or gann
double arcs can be considered for take profits.
This idea will be invalid if price goes above 49.6x.
Please note this is not a trade advice. please do your due diligence before placing the trade.