Fxprotrader
Short

Crude Oil High Probability Sell Setup

FX:USOIL   Crude Oil (WTI)
In my previous post on usoil             , we had a bearish gartley pattern, which didn't work well (see link below). I was still waiting for oil             to retrace, and we now have a much better setup to get involved with. Price broke below a rising wedge pattern after being rejected from a key zone formed at the upper bond of the pattern with MACD divergence showing that this uptrend has no more power to continue it climb.

We should now wait for a small retrace (correction), watch for a sell setup to complete and sell crude oil             .
Agree. I'm looking for a retest of the 50's before a H&S pattern completion. Thanks
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Fxprotrader Metafora
Great..
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Waiting for price retesting around 50.50, hopefully.
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Hi. Great chart. I think that the sell will go to TP of 42 and then 36. Do you agree?
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Fxprotrader EricDelacrausaz
Thank you for your kinds words.. 42 and 38 are better choices if you look at previous structure.
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Yep. Right now it looks like the correction was very small and it is starting to dive. I am thinking to jump in now but not sure about it yet.
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I agree with your view.
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Thank you..
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