Kumowizard

Pull back in progress

FX:USOIL   Crude Oil (WTI)
484 1 16
I warned you yesterday just in time (above 38 USD) on Twitter, that a pull back in WTI was possible.
By now the pull back is confirmed, and Price continues to dip towards daily supports.

Weekly:
- The major bearish trend seems to be broken, but Kijun Sen may block further gains for now ( Ichimoku is still bearish biased). I think we will not see a lower low, market will rather stuck in range for a few more weeks.
- Heikin-Ashi weekly warning: after printing a high, haDelta/SMA3 shows Oil             is losing counter bullish momentum .
- EWO is still bearish

Daily:
- Price broke above Kumo, but moved too quickly too far away from Kijun Sen -> consolidation/pull back was necessary.
Future Kumo is bullish .
- Heikin-Ashi (candle and haDelta) warned about a possible downturn yesterday. Pull back is confirmed today: red candle, haDelta back below zero.
- HA Oscillator turns red.
- EWO is still bullish , but it looks like 1st Wave is done.
- Possible support where we may start looking at buy signals again: 35,50 / 34,55 / 33,50

We don't know how deep the pull back goes. But setup doesn't favor bulls any more. Actually it doesn't match strategic bearish criteria either, as the two time frames do not coincide.
I closed all longs. For now just be patient, and wait until we see another firm signal.
I still prefer buying Oil             , just not here and now, but at stronger supports if signal confirms.

Good luck!
AYosof
8 months ago
so wait in the game sucks but option yet correct.
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