InvestMate|USOIL Time to continue downtrend

🛢️USOIL Time to continue downtrend

🛢️On oil we are at an interesting moment. Since 26 September, we started to make an upward correction of the downtrend from the levels of $76 per barrel.

🛢️Then we broke out to $93.5

🛢️We then performed a correction of this uptrend impulse again finding resistance at $83 where the 61.8 level of the entire upward wave was located.

🛢️In the last few days there was again an attempt at growth which was currently stopped at the cluster of levels 0.236 of the upward impulse wave and 0.618 of the correction of this impulse.

🛢️Seeing that it is around $90 is a place of strong resistance. I believe we are in an interesting place to make a downward correction.

🛢️The target place for declines will be the cluster of levels at 0.5 of the largest upward impulse
0.236 of the last largest downward impulse
and 0.618 of the current upward wave.

🛢️ Assuming we open positions now
The stop will be above the resistance zone at around $90.4 and the take profit at $95

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Trade closed: target reached:

Easy