We have prior tops + 2 fibs prices already reacted to support however dont be surprised if we wick lower to 135.000 level down there we have monthly and yearly pivot. Therefore my sl will be below 135.00 my target is 139.800. Lower your risk dollar react on political developments in US also we have opec next week.
We can enter short with stop above 49.80, however this is still a risky trade if you are more conservative you can wait for a break below 48.00.
We have a clear break of trend line +lower low + fundamental bias to the downside. I think its only matter of time before we continue to the downside.
Black horizontal line is 0.23 fib of move from 26 to 55. 0.38 fib of the same move is our current bottom. Stops have to go above 0.23 fib (48.35). At the moment we are making a bull flag so i expect price to go up. However if we break correcting channel we can enter short with a stop above current high.
We close on a daly candle below mayor trendline therefore i'm looking to go short. However false brake is still possibility. SL:49.40
We broke long term channel we are currently in correction be careful false breakdown still possible.