Right now there are 2 possibilities...1) oil continues to sell off to complete the 5th leg, or (2) then price must retrace to the marked areas
if it does hold at b, then price should retrace up to the red resistance lines which also happen to be fibonacci levels....
My personal bias is on the 38.2 fib level for c at $97. However since we are moving into the winter months (historically prices do rise in the winter) hence I wouldn't be surprised if we have an extended "c" leg all the way up to $101.
How to trade: Look for price action reversal candles at the red resistance areas and target $70's area
if it does hold at b, then price should retrace up to the red resistance lines which also happen to be fibonacci levels....
My personal bias is on the 38.2 fib level for c at $97. However since we are moving into the winter months (historically prices do rise in the winter) hence I wouldn't be surprised if we have an extended "c" leg all the way up to $101.
How to trade: Look for price action reversal candles at the red resistance areas and target $70's area