USOIL Shorting Setup

TVC:USOIL   CFDs on WTI Crude Oil
I'm bearish on oil because
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the correction phase [C wave of the ABC cycle.]
2. Triangles: I've also used the Descending triangle to show the current downtrend in the C correction
3. Fibonnaci retracements - link up well with the Support and Resistance lines of the retracement

I'm betting on it going down to $58.
In the short term, it May likely retrace to $62.30 if it breaks the triangle at $61.30 mark. If it's unable to break that resistance line and stay above it, we'll be dropping down to $58. Not before trying to break the support line at $60.07
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cleaner version
+1 Reply
Retrace to Fib level 50% occurred a few minutes ago in that spike. Now let's look for the dip from this. Remember that we are in a downtrend on Oil. Do not lose sight of that.
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