USoil is saying alot from the price action and its good to listen to it
Starting from 24 July when we start the retracement from 45.6 to 50.35.
Next week was a much needed correction and consolidation but we went back to the 45 level again on 30th Aug. This double bottom formation resulted in a much stronger pull back and we reached the 49.3 level mark.
I was expecting this pullback till 48.5 level mark which was 0.3 fib but we went a step further and this resulted in a much stronger correction on friday.
Currently we are at 0.618 fib and the pullback level will be the indicator where we will go
I wont be opening any position yet. Will open long positions once the pullback is confirmed.
The pullback levels are mentioned in the chart
Best of luck
Starting from 24 July when we start the retracement from 45.6 to 50.35.
Next week was a much needed correction and consolidation but we went back to the 45 level again on 30th Aug. This double bottom formation resulted in a much stronger pull back and we reached the 49.3 level mark.
I was expecting this pullback till 48.5 level mark which was 0.3 fib but we went a step further and this resulted in a much stronger correction on friday.
Currently we are at 0.618 fib and the pullback level will be the indicator where we will go
I wont be opening any position yet. Will open long positions once the pullback is confirmed.
The pullback levels are mentioned in the chart
Best of luck
Note
We saw a great pullback today but i still think we will be bearish till 0.78 fib level.Be careful while buying it
Note
Closed half of my position hopefully you made some money too
Trade closed: target reached
Hope you had fun too :)
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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.