Price action of oil is saying it all

USoil is saying alot from the price action and its good to listen to it

Starting from 24 July when we start the retracement from 45.6 to 50.35.
Next week was a much needed correction and consolidation but we went back to the 45 level again on 30th Aug. This double bottom formation resulted in a much stronger pull back and we reached the 49.3 level mark.

I was expecting this pullback till 48.5 level mark which was 0.3 fib but we went a step further and this resulted in a much stronger correction on friday.

Currently we are at 0.618 fib and the pullback level will be the indicator where we will go

I wont be opening any position yet. Will open long positions once the pullback is confirmed.

The pullback levels are mentioned in the chart

Best of luck

Comment:

We saw a great pullback today but i still think we will be bearish till 0.78 fib level.

Be careful while buying it

Comment:

Closed half of my position
hopefully you made some money too

Trade closed: target reached:

Hope you had fun too :)