USOIL has been very corrective for a long time in both directions.
The last time it was impulsive at all was back in March when the Russia / Ukraine war kicked off.
Since June it has been in this long choppy channel and descending channels lead to bounces.
But USOIL bounced only to the 0.382 retracement which is the ratio of continuation.
And it did print a double top that forms a 3 wave correction - also very typical in a continuation pattern.
The weaker ascending channel Y wave revealed that impetus was waning to the upside.
Pushing down from Y completion it was still choppy but since probing below the 50 day MA we can now see what Wyckoff called "Change Of Character" (CHoCH).
This is the dividing line from Distribution into Mark Down.
And so it is also the dividing line from correction wave to motive wave.
This (I think) is the real beginning of the oil bear market.
And although the W wave support may get re-tested it appears that it will be fairly impulsive to the downside from herein.
I am now shorting oil stocks that are up in the mountains.
The last time it was impulsive at all was back in March when the Russia / Ukraine war kicked off.
Since June it has been in this long choppy channel and descending channels lead to bounces.
But USOIL bounced only to the 0.382 retracement which is the ratio of continuation.
And it did print a double top that forms a 3 wave correction - also very typical in a continuation pattern.
The weaker ascending channel Y wave revealed that impetus was waning to the upside.
Pushing down from Y completion it was still choppy but since probing below the 50 day MA we can now see what Wyckoff called "Change Of Character" (CHoCH).
This is the dividing line from Distribution into Mark Down.
And so it is also the dividing line from correction wave to motive wave.
This (I think) is the real beginning of the oil bear market.
And although the W wave support may get re-tested it appears that it will be fairly impulsive to the downside from herein.
I am now shorting oil stocks that are up in the mountains.
Comment:
Not advice.
Comment:
Oil having a bounce. We are looking closely at this 👍🏻.
Comment:
Support hit as suggested.
Telegram Trading Group 🧐
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Make gains, learn technicals 🚀.
$50 per month 👍🏻.
Contact: t.me/dRends35
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Make gains, learn technicals 🚀.
$50 per month 👍🏻.
Contact: t.me/dRends35
