Quick Take Update: USOil - Still At Critical Levels

FX:USOIL   CFDs on Crude Oil (WTI)
686 9
3 days ago, I posted an update on USOil where I had just closed my trade on it and pocketed a quick +146 pips on a short term trade. I closed that trade as it had reached my target at some critical levels which I said could provide some good support for a retrace. Well, since that post 3 days ago, prices for oil have just hung around that critical level support zone moving even lower as I predicted oil would do.

It is currently sitting right at the 2.618 extension of that COMPLETED crab in the crab's PRZ. What I'm looking for now is for it to finish off this wave (v) of what I see as just the wave A of a larger correction. Any retrace bounce we get from here should be the wave B of that larger correction. But first, we need to see price action tell us that this wave (v) and wave A are done. I'm looking for a quick spike below this 2.618 where it is sitting now and for prices to quickly move back up off that spike. That would give me a setup to go LONG. But must wait.....

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So you think we bounce soon towards $47?
quite possible but this is a STRONG downtrend. If you want to trade counter-trend against it, I would suggest you take great care and watch the price action to tell when might be a good time to buy.
EverythingForex EverythingForex
Last week before oil dropped, I released a complete analysis on USOil that was made available to my subscribers to my website, "USOil: Could We Actually See $30 Again?". That tells you what I think about what Oil will be doing. Subscribers got this report and we caught some of this recent drop banking +146 pips. In that report, I outline what I think will be opportunities to catch good trades in Oil coming.
tbuckle EverythingForex
Can I send you $10K plus my first born and 1 pint of blood to receive the report?
you can keep your first born
tbuckle EverythingForex
ok, where to send blood and $10 K too?
send the blood to the Red Cross and the $10K to Doctor's Without Borders. Send me the receipts you did so. And I'll think about it. And hey, at least you can sleep well knowing you did some good.
Agreed. Thanks for sharing your analysis. Seems to me that it is overextended which should make for some good CAD trades in the near term. good luck mate!
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