WTI correction Idea (short): US Crude Oil pullback

By EuroMotif

Updated

Looking at a couple of zones that might cause next leg down.
Will update and fine tune the numbers are things progress.

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Oil trying to bounce up from the Fib Support zone as hoped.

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Still hugging the supports but no apparent hurry to leave.
US markets will be back online Tuesday, if starts selling I will join the bandwagon.

Trade active

Here we are, at my first resistance zone.

Close up. First short opened upon pin rejection, drop below my zone, then retest from below.

Short opened here:

- Stop loss at Break Even, lets see how it does.
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Gotta love the Golden Ratio.
That spike caused ripples down to the 2.618 EXACTLY

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This is what I am hoping to see

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Hoping London open will follow one of these paths down

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This tiny but sudden move could cause waves propagating downward.

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As mentioned with previous snap shot, it looks like that sudden fluctuation has started the waves downward

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Well that was quite a wild ride, but both targets hit!

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Short position going strong.
Took 30% profit already, stops at BE on rest.
Hoping to ride it down to the $62 range

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Nice adherence to my Fib derived zones

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

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