WTI hit $ 55 target, now what? USOIL 15min study of the bounce

15 Nov 2018

This is a follow up to my previous plan calling for $55 bottom:

Target was hit but where is the bounce?
This idea is a microscopic study of the bounce (if it is to happen).
If price hits the 4.236 extension before going ANY lower, then there is a chance 55 was the bottom.
Let see what happens over the last 2 days of the week....

Background:
My study of Oil began in May 2018, when I called for $80 as the target/top

As for Sept 2018, I was looking for a strong dip

Once the dive started, I was looking for $ 55 as a possible bottom:

And that price has been hit, so the current idea is a study of a possible bottom, and how to gauge strength of the bounce

16 Nov 2018

Nota

Update: Price has hit the 2.618 again and pierced a bit. But not looking very impressive yet

16 Nov 2018

Nota

Oil has breached the critical 2.236 and trying to hold. Still need to break the 2.618 to show true bulls signs