tchamoun

USOILSPOT - Short

Short
tchamoun Updated   
FX:USOILSPOT   WTI Light Sweet Crude Oil Future SPOT
The pair has carved out a five wave decline followed by a three wave rally (which could extend a little further). Whether the two big waves are part of an impulsive wave lower (1-2) or part of a zigzag correction (A-B), another leg lower should follow, targeting the 0.8650 support. This idea is viable as long as we trade below the 94.00 resistance.
Comment:
The pair did move lower and traded as low as 87.50, 1$ shy of my target 86.50.
It turned out that the market was carving out an A-B-C correction and then moved higher

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