Started long position today at approx 43.65 USOIL. hope this fib holds, but personally feel that it won't (even though I'm already long!)
Other possible strong support for a reversal back up I see is 41.7ish area.
1. its a fib retrace from the 40 - 49 upmove
2. It would complete a 3 wave A-B-C correction where A=C. This correction started at 49
3. It was a prior resistance back in March and April. resistances that clear usually become support
4. It would form a somewhat decent Gartley harmonic pattern.
3rd case scenario would be we close a daily past 41 and that probably opens the 36~37 range.
Other possible strong support for a reversal back up I see is 41.7ish area.
1. its a fib retrace from the 40 - 49 upmove
2. It would complete a 3 wave A-B-C correction where A=C. This correction started at 49
3. It was a prior resistance back in March and April. resistances that clear usually become support
4. It would form a somewhat decent Gartley harmonic pattern.
3rd case scenario would be we close a daily past 41 and that probably opens the 36~37 range.
Trade closed manually:
closed longs, waiting on pullback to re-add for 50 target