USOIL. Targeting a rebound and, eventually, a mid-term run

TVC:USOIL   Crude Oil (WTI)
334 14 9
I believe USOIl             will hit 42 ish             next week and that will mark a beginning of a nice bullish run. Eventually, we will not target only 47 ish             which is the TP2 for a Cypher pattern but go beyong 52.

The red line at 52 is a historical trend line which comes from the 90s. As you can see, market watches it closely so it acts as an important separation level between bulls and bears. We keep on bear terrotiry but hopefully, it will start changing next week and be like this for some months in front.

Long entry: 4*0.25 lots at 42.25
SL: 40.50 (below July low)
TP1: 44            
TP2: 47

TP3: ???
Comment: Target hasn´t been hit yet, I expect a new and final wave down after this correction ends
Trade active: Long USOIL 2*0.25 lots. SL: 40,40 TP1: 44. TP2: 47
Comment: Already 1% up, long moved to breakeven
Comment: Posting below amended targets for the pattern, with TP1 already hit
Trade closed: target reached: TP2 hit. It can go higher but I´m completely fine with this profit

Massive Red Trendline
You and Phil Flynn are the only 2 pound the table bulls I follow. So much negative you parse away with your charts.. Sorry don't think it;l lwork to see a break above 55 this year....
+1 Reply
Thank you for your comment, Sir!

Actually, now I feel a little more secure about my idea: when there is only 20% of Bulls and 80% of Bears, you know what happens next =)
Agree with your analysis - excellent chart work. Adding to my shorts today targeting 43.
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htgroup1 htgroup1
Then switching to longs based on RSI moving above 30 for the impulse wave. Thanks for sharing your analysis.
+1 Reply
You are very welcome, Sir! Thanks to you as well for your comment and sharing your point of view with us =)
I may be a bit early on this, but shorted OIL via DWTI today at 2:30 after DWTI kept support at its 61.8 retracement. Didn't go all-in but wanted to initiate a position based on the RSI and Stoch on the 15 min.
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I hope price will not go to 42 :)
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Excellent Call... Also flipped my shorts to longs.
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@htgroup1, thank you, Sir! Lets see how far it can go

Amended targets for the pattern: TP1 = 45.90 (hit) hit and TP2 at 48 ish
Good job
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Hi Captain! What do you think about this idea?
Лонг для тех кто не успел сесть в поезд. Это ралли
@Smollet, Hello Captain! =) It could make sense, specially if USD pushes back a little bit. Looks like we will close on HOD today, so there appear to be people who want to buy this
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