USOIL. Buy current (30.30) Target at 41.00 RR 1:10

Hello friends!
Last time we got hit on break even level.

So as I assumed in my comment for last idea we retraced almost 78.6% of A in wave B (yellow).
It is very healthy for us as now market should run higher without setbacks.

Entry: At market (30.30)
Stop: Below today's low (29.25)
Target: 41.00 (where wave C = 1.618 of wave B)
Risk/Reward is 1:10

Best wishes!
Aibek

Trade active

Comment:

Want to share with you intraday chart to show what is happening inside.

Comment:

Wave 2 (green) overshot 61.8 % Fibo on Energy report.
I guess it is over now powerful 3 up!

Order cancelled:

Move stop under the low of wave 2 (29.72 was low) to decrease potential loss.
Original stop was set at 29.25

Wave 3 unfolded so we can move stop now.

Order cancelled:

MOVE STOP to break even ($30.30, at least) or to more comfortable profit level.
Enjoy safe ride friends!
Aibek

Comment:

Hello traders!
First wave up of larger degree has finished.
Now we are in a wave 2 retracement down.
Common level is 61.8% or 30.98 on the chart.
Worse case scenario it can reach 78.6% Fibo or 30.27 on the chart (below our break even)
Let us see!

Comment:

Looks like correction in wave 2 down is over. Details are on the chart.

Comment:

UPDATE. Wave 2 dipped lower to reach 61.8% of wave 1.
Other valuable explanations are in callouts on the chart.

Comment:

UPDATE. We are at crossroads between channel upside (positive) and break even stop (negative).
Illustrations are on the chart.

Trade closed: stop reached:

Break even stop reached.