'm bearish on oil because
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the 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
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the 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
Trade closed: stop reached