Hellena | Oil (4H): Short to support area of 71.21

Dear Colleagues, price is in a pretty strong downward movement. I suppose that the price fall will continue and after confirming the fall I will redraw the Elliott waves. So far, I assume that the price will reach the support area of 71.21.
Before this decline, it is possible that the price will update the maximum a little more and reach the resistance area of 75.28. But all my thoughts are only about short positions.

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Commentaire:

Dear Colleagues, the price has updated the high and went further than the resistance area, but I still consider only short positions. Perhaps the price will update the maximum a little more, especially since it is the end of the week and anything can happen.
But the target is still 71.21.

Commentaire:

Dear Colleagues, as I suspected, the price has updated the high. Now I assume that the price will go down in the coming week, but maybe not as low as I thought at the beginning. In any case, I predict the level of 74. At this level we will have to decide whether to close positions or keep them.