EuroMotif

WTI short term Retrace watch: Crude Oil study on 15min chart

OANDA:WTICOUSD   West Texas Oil
This is an update to my larger timeframe trade Idea
I think we have completed wave 3 up, and are now looking for the requisite ABC to form wave 4 down.
I see three zones of importance, where wave 4 should end and waver 5 up should begin.
If price falls to the red zone, then Oil is nowhere neaar as bullish as the bounce would lead you to believe.

It is currently Asian session so not much action is expected until London open or US session.
I am hoping Asia completes ABC , then London completes wave 5 up, leaving US to decide what next after a completed 12345.

Let see how this plays out.

Dec 27
Comment: Oil playing along reasonably well. Lets see if it bounces here soon
Dec 27
Comment: Here we are, at what I thought was a likely pullback and then continuation zone lets see what it does....
Dec 27
Comment: Been getting some bounces, but looks like we will test one more zone below yet
Dec 27
Comment: Oil finally bounced at the last possible zone, and it bounced EXACTLY off the top boundry I guess of all the description of zones on the chart, I would have to call that red one a ''no so Bearish'' bounce. Am evaluating the bounce now and will post another update if something clicks into focus
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Comments

hello please help i am short on oil and i do believe it will continue to go down however im really struggling to see or read patterns like i can see the trend which is down and i can pick the highs and lows but i cant seem to see where it may go next.... i love trading i hate trading lol
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