US oil bounced off the level described in my previous US oil post, just 10 cents above the 50% Fibo of waves 1-3.
The reversal is fast and furious.
Looks like many stops were triggered on the low.
If count is valid then we can see much strength ahead!
Entry current 31.15
Stop 27.00 (Right below the low)
Target 57.00 (just ahead of 38.2% of wave 3)
If the price will advance further I would look into moving stop to break even and will update you accordingly.
Looks like dust has settled down and the price doesn't look back.
Let's move stop to break even (31.15) to enjoy safe ride.
I want to share my current view. Our long now is under risk as wave (B) (yellow in chart below) can stop anywhere between 38.2 and 78.6 % area. But if you moved stop to break even we will just lose the position not money. Let us see.