US Oil made a big retracement as soon as it reached the monthly supply zone. Since the uptrend appeared shorter than expected, two cases are expected.
The first is when the monthly correction is over and the monthly downtrend is in progress because it came down from the monthly supply zone. Currently, it is the initial pattern where the daily bearish pattern begins. Therefore, if the daily correction trend line is not broken, the daily downtrend may continue until early next year.
The second is a rebound in the weekly demand zone, so the bullish pattern is not over yet. Therefore, if the rise continues after rebounding in the 4-hour demand zone below, it may turn into a daily rising wave and eventually expand into a weekly rising wave.
If so, there will be an upward wave for a fairly long time.
The first is when the monthly correction is over and the monthly downtrend is in progress because it came down from the monthly supply zone. Currently, it is the initial pattern where the daily bearish pattern begins. Therefore, if the daily correction trend line is not broken, the daily downtrend may continue until early next year.
The second is a rebound in the weekly demand zone, so the bullish pattern is not over yet. Therefore, if the rise continues after rebounding in the 4-hour demand zone below, it may turn into a daily rising wave and eventually expand into a weekly rising wave.
If so, there will be an upward wave for a fairly long time.
Trade closed: target reached
Close this trade as the pattern may change.
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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.
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.