captain_smollett
Short

USOIL. One more leg down.

FX:USOIL   Crude Oil (WTI)
I believe by Monday we will finish the Wave 4 of the summer bearish run, hitting 46 ish             . Then, if my Wave count is correct, we still have one more leg down, targeting 37-35 area.

After that, Oil             will forward the presidential rally in the stock markets and also the DXY             bearish movement as the FED probably will not touch the interest rates before the new US administration arrives.
Comment: Approaching sell zone
Trade active: Sell stop order activated at 46.18. Moved it to breakeven
Trade active: Heading in my direction but I don´t add shorts for now
Trade closed: stop reached: Looks like my 46.18 short may be covered soon. Therefore, switching to Plan B and looking for a new short at 46.88
Comment: By the way, 1-2-3-4-5 setup is invalid as the hypotetical W4 overlapped W1
snapshot


Some alternative view shows a huge resistance around 46.70 level. Good option for sellers too
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snapshot

To the Cent!

But: it failed to print a reversal candle on 4H Timeframe: we are still in higher high-lower high environment. Therefore, I recommend to hold the longs for now. I have a sell stop order engaged at 46.18 and moved it to breakeven now.

If a bullish momentum continues today, the target is around 47 ish, I have another sell stop set at 46.88. If oil breaks and secured the red zone, we will have to looks for longs
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captain_smollett PRO captain_smollett
Higher high-Higher low, sorry
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