Double top at 46.5 sends oil down, triggered by Saudi oil production freeze deal high probability of failure. From elliot perspective this could be described as impulse wave 1, assuming this is wave one, the retracement is likely to occur at 0.5 fib of the move, given the oversold RSI on the 60m chart, we are likely to find an entry at 45.35.
Wave 3 should be the greatest wave and is the objective of this trade. typically the size of the third wave is 1.618 the move of the first wave. However we could corrective structures in between the impulses, possibly forming bearish harmonic patterns and forming a downtrend line.
4h chart looks bearish and fundamentals are looking gloomy again.
Wave 3 should be the greatest wave and is the objective of this trade. typically the size of the third wave is 1.618 the move of the first wave. However we could corrective structures in between the impulses, possibly forming bearish harmonic patterns and forming a downtrend line.
4h chart looks bearish and fundamentals are looking gloomy again.
Comment:
we're going to the short entry point now, took longer the ideal situation but we're getting there hopefully
Comment:
Trade closed: stop reached:
well, at least it did it quickly not false hope lol! I'll be back for another short mark my words !!
Comment:
will renter at 46.16
Trade active:
collected that order. down we go ;)
Comment:
Managed to get the exact top. holding this short overnight. TP 44.2x
Comment:
Still holding this short first target 44.89 then will wait for correction to continue shorting until the final target
Trade closed: target reached:
nice trade made until 45.0x closing shorts as price seems to be bottoming during OPEC meeting. we're not done yet. will short further when opportunity presents itself. Stay ready
TP: 43.02
SL: 46.02