My trading plan. Sunday continued sell off overnight to 52, rejection at 52 and invalidating previous downward channel. No specific target, will be running with Renko next week until reversal is seen. Bearish movements look like 1-9 and 1-3. Very steep, very quick sell offs. So far that isn't what this is, just continuation consolidation.
Trade safe and have stops.
Looking for rejection off top of down trend to hold. If we hold look for a close in box marked. Good potential for buyers/shorters on intraday trading today into tomorrow. Lines so far still holding. Overall still bearish unless it can break above 46. Buy bottom of channel, sell top. Rinse/repeat.
Current trade short from 46.8, SL 46.3, TG 43.3
Overall I am bearish on oil due to fundamental supply issues that have not yet worked themselves out. Current correction appears to be bullish sentiment that has been brought on by the recent rally in the market. EIA inventory will either support current price, or cause a sharp decline back into downward channel. Targeting 43.30s for correction before potential reversal.