USOIL. One more leg down.

I believe by Monday we will finish the Wave 4 of the summer bearish run, hitting 46 ish. Then, if my Wave count is correct, we still have one more leg down, targeting 37-35 area.

After that, Oil will forward the presidential rally in the stock markets and also the DXY bearish movement as the FED probably will not touch the interest rates before the new US administration arrives.

Commentaire:

Approaching sell zone

Transaction en cours:

Sell stop order activated at 46.18. Moved it to breakeven

Transaction en cours:

Heading in my direction but I don´t add shorts for now

Trade fermée: ordre d’arrêt atteint:

Looks like my 46.18 short may be covered soon. Therefore, switching to Plan B and looking for a new short at 46.88

Commentaire:

By the way, 1-2-3-4-5 setup is invalid as the hypotetical W4 overlapped W1