Updated

WTI at or near ''bottom''? US Crude Oil to bounce soon $55 key

This is a followup to my longer term outlook posted here:

WTI path $80 after a dip? USOIL retrace pathways

This massive drop was a little beyond my previous expectation, and the steep slope is quite alarming.
But I think we are nearing a temporary bottom, and probably about to do a ''Dead Cat Bounce'' for a wave 4.
Then I expect one last dip for before any real recovery.

The green zones are where I see support.
The wave (c) I have drawn is my ''best guess'' for the actual bottom.

Of course, at any time a Trump Tweet could tank the price another $10 in an hour :(

Note

Well it plunked into my target and is sitting there

But maybe now there will be a dead cat bounce with yet one more low. Will evaluate further.

Zoomed way into the 5min chart, the zone I had identified is certainly noticed.

But it went slightly below. Am looking for clues that I may have missed for that exact bottom. Or maybe it was sheer momentum that even the final Fib had to give a bit.

Putting a Fib on the first impulse of the bounce, the extensions seem to line up nicely with previous zones. So this bounce is IN-SYNC to the overall rythm

Note

I have posted an update with short term view (15 min) of the bounce, and analysis of the strength (or lack thereof) here

WTI hit $ 55 target, now what? USOIL 15min study of the bounce

EuroMotif

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

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EuroMotif

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