WaveAnalysis
Short

USOIL Short Trade Setup

FX:USOIL   CFDs on Crude Oil (WTI)
Hello Traders

The upward structure should be a correction and after it completes itself, it should come down and break the bottom at 25. That's why I'm looking for short trade setups. As you can see we have some ABC structures in the different degrees and the last top was 0.50 retracement of down impulse, 0.272 extensions of both blue A waves, and 0.118 of yellow A. Then we got a sharp drop which broke the trendline . So, it can be a reversal impulse, and now it's making a correction after the breakout. That's why I placed an entry order below the last bottom. When it comes down to the blue trendline I will watch bounce or break and I will make a decision based on that price action.

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