EM16
Short

OIL - One more push lower coming

TVC:USOIL   CFDs on WTI Crude Oil
Price seems to finish a Triangle pattern .
We should be in the final wave E, wich can find resistance at the 61.8% to 78.6% retracement .

If this count is correct, we should see a new low being made soon.

This pattern gets negated if price moves above 54.20 !
Comment: A Triangle Pattern is composed of 5 moves (ABCDE) and each of those are composed of 3 moves (abc) where those are them self composed of 5 or 3 moves for (a), 3 moves for (b) & 5moves for (c)
Comment: I will post my ideas here for easier access
https://t.me/em16public
Comment: Because price did not break clearly the 50.50 level and went up in impulsive fashion, I'm thinking wave E might not be over yet ! It should be around the 61.8 -78.6% retracement zone.
Comment: Pending order activated @52.69
Moving SL to break-even.
Comment: Price going lower, great for now.
Add to position once price breaks clearly below wave D.
Think about taking some profits near that level.
Comment: One more push lower could come.
Comment: 5 waves look to be in.
Closing position and taking profits.

hi,
Is it possible to buy oil after a Pullback in this Level?
Thanks
Reply
EM16 Banoo
@Banoo, I believe price will continue to fall therefore I would not start buying until my triangle pattern is invalidated
Reply
Banoo EM16
@EM16,
Thanks for the Recommendation.
Reply
We have the same but we don't see the price breaking this Triangle to the downside. 49.50 should be the long term support.

Reply
EM16 InvestingScope
@InvestingScope, My method of analysis suggests that, in case this pattern is right, price will usually move below the begining of it.
I also have an alternate count where 49 holds & price goes higher.
But for that to be considered more relevant price need to hold above 50.50.


Reply
@EM16, Thanks for the clarification. Much appreciated.
Reply
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