WTI Oil SpotShort
US Oil Spot - Sell
Looking at the hourly chart, the pair is trading in a corrective move after a five-wave decline from 110.33 to 97.57.
The correction could be done at 105.02, which is just shy of the 61.8% retracement that comes in at 105.45. In case of a break above, the correction could have one more leg higher.
With that said, as long as we trade below the 110.33 resistance, odds favor the short side, to at least 97.57.
The correction could be done at 105.02, which is just shy of the 61.8% retracement that comes in at 105.45. In case of a break above, the correction could have one more leg higher.
With that said, as long as we trade below the 110.33 resistance, odds favor the short side, to at least 97.57.
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