A huge dip today on USOIL has given a great opportunity to enter a long position with targets at $59.21 and $62.65.
It seems like we're coming to the end of the correction from the February low of $26; and we've completed all but the end of wave C (4 out of 5 waves) - with the dip showing 2 out of the 3 waves of wave 5 have run their course. The move downwards bounced off the 0.5 Fibonacci line and we're still sitting above the EMA.
Alongside this, the RSI is showing a similar pattern when wave A occurred and, still in the channel, there is enough technical reason to be happy entering a long with eyes on $60, and a relatively tight stop loss.
Happy trading!
Trade closed: stop reached
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Trade void.
Could well be heading to $40 (wave B); before we head towards $60.
Trade active
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After what seems like a completed wave B; looks like we're back on to tackle previous highs.