Good morning traders!
As we can see from this chart, oil reached an historical bottom during covid, starting a cycle to the upside with a big impulse that completed a descending broadening wedge. Now we believe that we are correcting this impulse with a triple three correction that will conclude at the big volume cluster around the upper trendline of the descending broadening wedge (yellow area).
This last Z wave is unfolding as a zig zag, and we believe that we are currently in the C final wave of this zig-zag.
Looking at smaller timeframes we can see that we may have completed wave ii of C by creating a bearish Ascending Broadening Wedge.
We are therefore opening a short position risking 0.6% of equity at the Stop Loss Level of 77,04. We target at least 70, and we will update below.
Happy trading!
As we can see from this chart, oil reached an historical bottom during covid, starting a cycle to the upside with a big impulse that completed a descending broadening wedge. Now we believe that we are correcting this impulse with a triple three correction that will conclude at the big volume cluster around the upper trendline of the descending broadening wedge (yellow area).
This last Z wave is unfolding as a zig zag, and we believe that we are currently in the C final wave of this zig-zag.
Looking at smaller timeframes we can see that we may have completed wave ii of C by creating a bearish Ascending Broadening Wedge.
We are therefore opening a short position risking 0.6% of equity at the Stop Loss Level of 77,04. We target at least 70, and we will update below.
Happy trading!
Nota
stop loss on entry
Nota
Kicked out breakeven at @75.14. Restriked at @75.86. Stop loss at 77.05 risking 0.5% of equity.Dagangan aktif
Short position @75.86. Stop loss on entry.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.