Crude Oil 61.8 Retrace

FX:USOIL   Crude Oil (WTI)
I think we just did a 5 wave move down and a 61.8% retrace. It is very hard to say here, but this is my first attempt at this trade. I am short and am holding. Please help me improve and profit, I want to get better. Thank you for your time
This is a problem with traders, sticking to only one time frame. If you look on larger time frames, you will see that OIL looks pretty bullish
NicholasAmato vlad.adrian
I'd like to learn. Can you direct me to your chart and how arrive at a bullish opinion?
I view the 1 hour chart with ATR for stops. I use 5 minute chart with MA's and TTM Squeeze and Wave. I use Pivot points on 1 hr. 4 hour I assess trend. I also use 34 minute with 8+21 MA's and view the daily chart, but the daily looks bearish to me.
vlad.adrian PRO NicholasAmato
OIL is ready for a bounce

Read the description and look at the weekly chart posted there. If you have questions, I'll p glad to help
NicholasAmato vlad.adrian
Ok so my questions are: 1) we reject those "false bottoms" and put in a lower low. Confirmation of downtrend , correct? 2) We failed the MA and head lower. Confirmation of downtrend, correct? 3) This is a bounce of that lower low, but without a higher high how can we say "the bottom is in?"

I see the divergence, but usually I don't see a huge reversal until an extreme divergence. In this case, price has only marginally diverged to that lower low. I expect more downside
NicholasAmato NicholasAmato
Also the /dx put in a new high, shouldn't oil put in a new low?
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