Long Oil into 5th wave after corrective pattern completion

We are in a 5th leg of last impulse wave (C) of Bull market flat (5-3-5) Irregular correction. This type of correction, where wave B exceeds the top of A and wave C violates the bottom of A, imply the length of C wave to be 1.618 A wave length, which has already been reached @ 48.1x, where we tagged 200 MA at 4h TF and 0.382 retracement of impulse wave (3) from mid September.

So from now on I recommend to start looking of long entries. Still this 5th impulse wave of downmove could be extended in 47.5x area, where 50MA Daily rests. My plan will be to look for signals in lower TFs. 1H RSI has tagged 20 already today and left the oversold area so we can look for a nice divergence there.

I will use SLs from signals on lower TFs. Nevertheless the ultimate stop which will invalidate this idea is below the trendline @ 46.3-46.5 area and 100 weekly MA.

Comment:

another trend line from 2015 high provides us with support at 47.5x
credits to PORpaddy

Trade active:

buy @ 47.39

Trade active:

buy another half @46.4 stop on all position @ 46.21

Trade closed: stop reached