the ABC corrective wave played out as a tripple top so far. i think we are still in C Wave and aiming to the FVG at 67.5 USD.
It's the first structure in C wave, after an impulse ZigZag down. Structure is forming a giant ABC Pattern, which hit the Swing Highs of 5 And the B wave.
Nice reaction on top, and now fall back down. We see a Giant M, often forms before Wave C getting momentum.
The White dashed Chanel still in play. TopTrendline is respected. now the 4th hit will be down. Aiming to the Area of Wave 2, which has the FVG and the Chanel bottom inside.
Market is volantile today. everything possible. but bulls don't seem to break break above the Chanel. Strong Resistance around 70 USD.
✅ RSI Divergence: Neutral at 52.4 (4H bullish divergence emerging) ✅ MACD Signal: Histogram nearing zero line crossover (bullish momentum buildup) ✅ Volume Profile: Heavy liquidity at 68.87–69.75 range
💡 Trade Idea 1: Intraday Buy Setup
Entry: 🎯69.04 (Confluence of Weekly Pivot & Fib Support) Stop Loss: ⚠️68.16 (Below Key Liquidity Pool) Take Profit 1: 🏁69.75 (Immediate Resistance) Take Profit 2: 🚩70.46 (Structural High Retest)
Rationale:
Bullish hammer pattern on 4H timeframe at 69.04 OPEC+ supply cut rumors supporting downside protection
💡 Trade Idea 2: Intraday Sell Setup
Entry: 🎯69.88 (Confluence of Swing High & Fib Extension) Stop Loss: ⚠️70.46 (Above Multi-Session Resistance) Take Profit 1: 🏁69.31 (Retracement Base) Take Profit 2: 🚩68.60 (Liquidity Grab Zone)
Rationale:
Bearish rejection at 70.02 resistance cluster Rising US crude inventories pressuring upside
📉 Strategic Observations
Price Magnetism:
Institutional orders clustered at 69.31 (200-period EMA)
Sentiment Shift:
Rising geopolitical risk premium in Middle East
Event Risk:
Wednesday’s EIA inventory data may amplify volatility
Note: Implement 1:3 risk-reward ratios with trailing stops. Confirm trades with closing price breaks beyond key levels.
📌 Key Insight:
USOIL consolidates between 69.04–69.88. Prioritize range-fade strategies at tested technical boundaries with 1% risk tolerance, aligning with API inventory data-driven liquidity pools.
USOIL Switching to the Daily. A Bearish Pressure Zone formed earlier that encouraged the drop down.
If the current, Daily candle still forming does not do a candle close below the low of the previous bearish candle (shown as an orange dotted line at 68.90), then there will be no follow through of a bearish move down from bullish pressure building.
But, if the bears do breach the low of the previous bearish candle (at 68.90), then the bearish thrust will continue.
WTI Special Alert! A Triple Inside Day printed on the Hourly that is in Bearish Market Bias. That shows a very BIG move is coming, either to the upside or downside.
A Double Bottom formed earlier from the rejection of the Swing Low (at 68.615) by the bears.
Also, a second tier formed to create a tall S&R Zone. We'll see if the bulls can rise above it to bounce up from because two bearish candles formed a Tweezers Bottom to have the same price at their lows - creating a Resistance Line.
If no rise above the S&R Zone, the bears can break the Resistance Line created by the Tweezers Bottom, leading to a BIG drop below towards the Swing Lows of 68.615 and 68.395 to breach them.
USOIL 
