Here is the Top-Down Analysis of WTI - USOIL (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 42 - 12 Oct
M > Market reached monthly resistance and faced rejection. After a massive jump we expect a correction, till 0.38 Fib level at least, before market continues with the trend. Price has yet to show this correction.
W > We have marked a target of 0.382 Fib level on last weekly impulse as target for correction. We can also see a W pattern and expect price to drop test its neck which is below our target of 0.382 Level.
D > Price decelerated while approaching the resistance level, price dropped creating a support that has now been tested twice. Hence we can take support as another bearish target. After creation of support price is ranging with well respected resistance and support levels.
4H > We can see a W formation and price should drop to test its neck. Price has currently tested resistance level and dropping after rejection. Price is now testing supply zone, we expect drop in price till Target 1.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You AP17FX
Trade active
⋅
US Oil Update: Target 1 (neck of W) achieved. Price moved up till supply zone to gather liquidity before reversing to bearish. We do not see any loss of momentum hence target 2 (previous support) is next in sight.