USOIL Daily chart
is at a critical point as it reaches the 61.8% Fib retracement of the correction so far. The important thing to note is if the WXY correction is complete and if bullish
momentum dies at the trendline
, we might get the Z wave. On the other hand if price breaks out of the corrective structure with conviction, then it will be a bullish
impulse. Of course there will be plenty of opportunities and pullbacks to enter long. For now, I expect a swift reversal to complete the Z wave.
Whichever way the market wants to move, let it confirm first. Trade with caution.