USOIL. Using a bullish momentum

After a huge bearish trend which took days to develop, looks like yesterday we entered into a short-term bullish momentum.

If confirmed, it should be completed between today and next Tuesday. Will open a long position at 40.31 which is a 50% Fibo retrace from yesterday´s movement. TP: 44.50, SL: 39.50.

This movement was a part of my longer term EW setup. Therefore, if this bullish movement happens, I will post this long term trading setup.

Trade active:

Advancing well. Looking to add long at the nesrest dip

Trade active:

All longs to breakeven. Growing USD has never been good for commodities

Comment:

It is quite clear now that the bullish impulse we´ve lived since a couple of days ago is not a definitive reversal on oil.

W1 and W3 are zig-zags, therefore it is a correction. Will try to post a longer term movement on a weekend. For now, I keep my only left long at breakeven.

Will add long only if I see a sharp movement up

Trade closed: target reached:

Target reached but the movement wasn´t a clear 1-2-3-4-5 movement, there were plenty of zizags which mean a correction rather than a start of a new trend.

Still expect oil a little higher, then one more leg down