USOIL-breaking long term lows

FX:USOIL   CFDs on Crude Oil (WTI)
1182 3
Price is breaking long term lows. It seems we will have and extended wave 5.

Next targets for wave 5:

1.27 fib extension (price= 36.52)
1.61 fib extension (price=29.64)

I agree 100%. But why is the short entry already valid to you if price has not yet broken the lowest low of the year? My only conviction is the behavior (the way price has not capitulated into the bottom fast enough, instead moving slowly into the low - I found that this factor has the tendency to continue its trend), as well as overall pessimistic sentiment of the market. Thanks for input - Lanmar
Thanks, your view is valid, you can wait for a breakout and retest. This is not a signal just a general setup, each trader should open a trade according to his trading system. Regards.
Lanmar FullTimeTrader
Sure. Thanks
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