Crude Oil USOIL Next Leg Down IF FIB 0.5 doesn't hold as support
Updated
I HAVE PERSONALLY BEEN VERY BEARISH ON OIL FOR A LONG TIME NOW
I TOOK A SMALL LONG AROUND B WHEN WE HAD 4 PLUS 4HOUR REJECTIONS BUT NOW LOOKING SHORT AGAIN
HERE IS WHY:
-ABCD IN PLAY HERE REJECTED FROM THE 0.618 MAJIC RETRACEMENT AREA 3 TIMES ON THE 4H
-BREAK IN STRUCTURE TRENDLINE AS YOU CAN SEE
-ITS A BEAR TREND ALREADY MAKING LH LL LH LL
-I DONT USE THEM VERY OFTEN BUT THE EMA AND MA CROSSING OVER COULD BE YOUR ENTRY
-BIG WICKS AROUND ARE OF REJECTION SAYS SHORT
-WAIT FOR THE CLOSE BELOW THE 0.5 RETRACEMENT AND THE DIAGONAL TRENDLINE YOU CAN SEE AROUND PRICE ACTION NOW
I TOOK A SMALL LONG AROUND B WHEN WE HAD 4 PLUS 4HOUR REJECTIONS BUT NOW LOOKING SHORT AGAIN
HERE IS WHY:
-ABCD IN PLAY HERE REJECTED FROM THE 0.618 MAJIC RETRACEMENT AREA 3 TIMES ON THE 4H
-BREAK IN STRUCTURE TRENDLINE AS YOU CAN SEE
-ITS A BEAR TREND ALREADY MAKING LH LL LH LL
-I DONT USE THEM VERY OFTEN BUT THE EMA AND MA CROSSING OVER COULD BE YOUR ENTRY
-BIG WICKS AROUND ARE OF REJECTION SAYS SHORT
-WAIT FOR THE CLOSE BELOW THE 0.5 RETRACEMENT AND THE DIAGONAL TRENDLINE YOU CAN SEE AROUND PRICE ACTION NOW
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