USOIL - Swing up to complete 2nd leg
Hi everyone, i see at MINIMUM a 2nd leg up from the first strong leg.
This will set a target at the end of the boxed target in the Daily chart.
I'm leaning towards this being an ABC leg. If that's the case, we are currently undergoing the C leg of the correction, in which i want to take profits at the projection.
After this, i'm looking for a POSSIBLE retest down low again. We shall see. Most recent price action suggesting there is shorters in the market (smaller time frame - when USOIL tanked recently). This suggests that shorters will potentially come in at higher prices too. Looking for this to coincide with the end of the ABC leg and push prices down in which i'll look to short with good confirmation.
I could also be wrong and we could see prices continue rising. Regardless of the scenario, i will play what i see.
What i stated is the road map i will follow unless it doesn't look right to me, in which i will SWITCH to what the market is doing.
This will set a target at the end of the boxed target in the Daily chart.
I'm leaning towards this being an ABC leg. If that's the case, we are currently undergoing the C leg of the correction, in which i want to take profits at the projection.
After this, i'm looking for a POSSIBLE retest down low again. We shall see. Most recent price action suggesting there is shorters in the market (smaller time frame - when USOIL tanked recently). This suggests that shorters will potentially come in at higher prices too. Looking for this to coincide with the end of the ABC leg and push prices down in which i'll look to short with good confirmation.
I could also be wrong and we could see prices continue rising. Regardless of the scenario, i will play what i see.
What i stated is the road map i will follow unless it doesn't look right to me, in which i will SWITCH to what the market is doing.
Komen:
We are continuing up as of now.
