Oil short opportunity

9 Şub 2022

Elliot impulse wave on the weekly is over, now we begin the correction wave. price action has reached the top of its megaphone channel. XLE, which is the most connected sector to oil also has major resistance at $70, and it rejected that just the other day. The last time XLE rejected at $70, it fell 50% over the following year. Very simple TA, but I mean C'mon, anyone could see this coming.