anthony.pham00
Short

Crude Oil correction followed by the next leg up

FX:USOIL   Crude Oil (WTI)
315 0 2
Hi,

If you have any questions, I didn't want to spend to much time trying to clean up this chart but here goes.
I am still bullish on Oil             and based on my analysis, I can see prices heading into the 64 range (I think). In saying that, large pull backs will be part of the game so I'll be capitalizing on those opportunities if they meet my rules.
In the short term, I believe Oil             will pull back to 57/58 level before its next move up. From there we could potentially see new highs above 62 area.

My thought process and what I'd like to see before entering a long position for Oil             . Keep in mind also that I'll be looking to short this as well.
1. Cypher and bat pattern completion followed by a pullback
2. Several larger patterns to complete a C Leg followed by a reversal
3. Price action at the two trend lines marked on the chart. If there is clear evidence of a reversal then I will enter a long position

Additional Info:
1. There are several minor and major AB=CD completions at all targets. This is also backed up with ratio confluence (Retracement and extension).
2. Oil             seems to respect trend lines very well.

Any questions, let me know. I didnt want to write too much.

Peace
Ant