Stoic-Trader

WTI OIL - Testing the expanding wedge

TVC:USOIL   CFDs on WTI Crude Oil
$OIL is presenting us with what looks like a new impulsive wave, instead of a corrective one.

Price action from early 2021 has taken the form of an expanding wedge, which touched the top trendline on Feb 4th.

What bothers me about this count is that wave C is way too extended (as I mentioned in the beginning, looks impulsive), which is unusual. BUT, the same happened on the formation of black waves C and D, in which blue wave C went to 200% or more of wave A. So, I´m considering this my primary count for now.

Even though the reaction from the trendline was strong, I´m not taking trades right now and will wait a few more days to evaluate price action. I expect a retest of $84-85 support

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