Simple chart analysis for OIL update
Updated
A to B of ABC correction finished. B to C starts new.
Trade active
I have found the E.W. on H4. It follows bearish trend.
*Since there is nothing that tells that chart will go up, except the 423% fibonacci, it is wise to close op. . But you can keep it open and do SL track to get some pips.
Making research, it will probably go up at least 85.445.
If it goes really bullish it will cause a manipulation state that will lead to a much larger distribution for the fifth peak of E.W.
Trade closed: target reached
Chart is making a bullish trend on H1. If 3 to 4 is accepted, a buy toward 300% can be done.
Note
Waiting for chart do something. Probably a short hop for fifth peak and then go bearish.
Trade active
I'm glad I ignored oil. 😂Chart will reach 300% of E.W. fibonacci at least.
*fibonacci is between the gap of peak 4 and peak 1.
*I use the tool percent range to know strong zones that cause chart to bounce 1 to 3 times. Then I put on it a fibonacci with only 100% levels.
*Seeing how chart bounce on level 3 and 1, it will probably reach 1 again and bounce toward the level 4 or 5.
Note
The percent range varies depending of currency pair. In this pair 1.00% is good at it seems. On EURUSD would be 0.50%, and so on.Trade closed manually
It bounced at the 300% and reached below level 2.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.