TimStuyts
Short

USoil, according to plan. Follow up

TVC:USOIL   WTI Crude Oil
601 10 22
For my short call and analysis on Oil             see my previous post by means of the link below:
USOIL short, update

Price broke below an important zone and I'll be looking for pullbacks by means of consolidations to sell Oil             once again. In the meantime I keep my short position open.

www. facebook             .com/wwwtimstuytscom
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Comment:
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Comment: I still favor a move lower. If it moves higher and breaks above 49 I have to adjust but until that happens I favor another leg lower. Even if we move above 49 I don't think the long term bottom for oil is in place. But we will see, for now I focus on a potential reversal.
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Comment: We saw the bearish acceleration in the S&P 500 along with dollar strength and a bearish reversal in Oil and Gold once again yesterday. Everything moves therefore according to plan. Structure is leading for me when it comes to trading but understanding the overall market dynamic is THE way to increase your success ratio and THE way to add context to the charts. Because data represents something although it might not always be obvious. Once you understand that, interpreting fundamentals makes sense as well. I rather have three aces at hand than only 1. That's why there is no one best way for me, it is the combination that tells you what's most likely going on. Have a great weekend all!
sorry, just a tad confused. So from your chart we go down from here or up to 46.65 and then down?
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TimStuyts tbuckle
Sorry I should have made a note about that. We see three waves higher from last weeks low, this might be it but I prefer to see a more pronounced consolidation so we might very well see another leg higher before we move lower again. Short term the price of oil looks a bit messy with several corrective structures. Bigger picture however I remain bearish for that triangle wave B lower. So I either want to see an acceleration lower or another corrective pattern up before considering another sell trade. I will update once one of those two scenario's will happen.
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tbuckle PRO TimStuyts
So where do you see oil going today, this week, etc. ?
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TimStuyts tbuckle
I still follow my medium term analyses for Oil as posted last time. Since we didn't reach my high probability zone for either wave C or wave 5 I'm not trading Oil just yet.
In the short term it is responding to the previous high but I need more to determine whether this is the start of a reversal or just a minor consolidation before we test that high probability zone (58 zone).
Longer term I still see a new low below 25 but I will update once I find Oil reasonable to trade, for now many Forex pairs just give me way better set-ups so I can't be of any assistance at the moment, sorry.
Two scenario's as posted:

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Going further upwards


waiting for that blue C wave as well hehe:p
+1 Reply
TimStuyts RationalTrader
Thanks for sharing. For now I remain bearish as explained. Safe trades!
+1 Reply
TomPower RationalTrader
You better listen to the boss here because you may end up wearing your head on a platter
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It does seem like you've misunderstood the meaning of Tradingview. There is no "boss" on Tradingview, and this is no place for stupid comments like this.

If you believe something specific about a price, Tradingview allows you to share your opinion and get other fellow traders opinion. If you do not have an valid argument regarding the price, the obvious thing would be to remain silent, or show someone your gratitude. Thanks!
+3 Reply
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