This looks like the likely scenario that will now develop on oil on the 4hr/daily timeframe.
In other words, we will look for an upside from now on first, back to the 0.618 re-tracement of the huge downside impulse that occurred in the last week of June.
So all buy setups we will be able to take until price hits the $72 area, then we will start looking for sells.
In other words, we will look for an upside from now on first, back to the 0.618 re-tracement of the huge downside impulse that occurred in the last week of June.
So all buy setups we will be able to take until price hits the $72 area, then we will start looking for sells.
Note
Remember: OIL news today 2 hours into the NY session. Most likely our first buy setup will be then.
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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.