Oil failed H&S and ready for a correction?

On the left we can see a big inverse H&S for oil. I had many questions the past weeks about this one from my members. The all got the same answer: The shoulders are too small, especially the right shoulder. There are always 2 important factors to take into account when doing TA or determine waves, those are time and price. Meaning, the right shoulder could have been small in price, but then it had to be much bigger in time. Or the other way around. With this H&S, both are very small so they fail almost every time.

Anyway, i am looking for another small wave up like the blue line. If that happens, and we stay below the previous low AND we break that trend line, i will probably short this one. The 52 zone seems to be a good support level, so if i get into this trade, i will take some profits there to reduce the risk.


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