UKOIL Short opportunity
Really good setup supported by the big timeframes. Break and retest of TL in the weekly time frame, with last week being a high test off a resistance level.
Daily chart showing a break and retest of TL which also happens to be a perfect H&SH formation with price already making LHs and LLs. Then we have a break of the counter TL in a Evening start formation with a massive bearish candle off the 0618 fib.
The path of least resistance is to the downside but there is only one level we need to be aware of, which is the 44. this level being teh 0382 fib retracement level from previous weekly wave. A rejection of that level would make me move my stop to pass break even
Daily chart showing a break and retest of TL which also happens to be a perfect H&SH formation with price already making LHs and LLs. Then we have a break of the counter TL in a Evening start formation with a massive bearish candle off the 0618 fib.
The path of least resistance is to the downside but there is only one level we need to be aware of, which is the 44. this level being teh 0382 fib retracement level from previous weekly wave. A rejection of that level would make me move my stop to pass break even
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