USOIL is seemingly done painting a pullback pattern. It reached 0.618 retracement level of previous bear leg, as well the 0.236 fib extension is pointing to the same level. If this market continues with the recent downtrend, these two levels should attract supply and a break to previous lows can potentially occur. The inside fork's MLH on bear impulse move pivots ABC is also anticipated to attract supply around these levels. This is a pullback trend continuation play with a decent R:R but lower probability. Worth the risk as per me.
Trade closed: target reached
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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.