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
Order cancelled
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.
cleaner version
+1 Reply
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out