Quick Take Update: USOil - Still At Critical Levels

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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