The price is currently at a key level, testing both support and the trendline.
1. Bearish Scenario (Breakdown):
- If the price breaks below the support level, it may indicate the beginning of an ABC correction in the Elliott Wave pattern.
- Action: Open a SHORT position with a smaller lot size.
- If the price then retests the broken support (now acting as...
Oil price broke "long-term trend resistance" and also it looks like 5th elliot wave.
So if the price breaks the rectangle you can buy.... Also, If it bounces the last support zone you can buy too.