US OIL- Pt.2- Patience is the key

11 Oca 2023

In our previous post we explained how we believe that oil still needs to complete a cycle wave 2 in the area 57-60, where the 61.8% fibo retracement and the upper trendline of a big descending broadening wedge stand.
We then took a potential short opportunity at 75.8@, but we were kicked out at entry and we believe that the correction in wave ii of C of (Z) still has to complete higher, when the golden fibo level of i coincides with the level for which a=c. We are then waiting 78.14 to restrike.

11 Oca 2023

İşlem aktif

Observing the price action at the 50% fibo, we decide to anticipate our short entry at 76.713. Stop loss is at 78.4 for 0.5% equity risk.

12 Oca 2023

İşlem kapandı: durdurma seviyesi

stopped out loss 0.5% Waiting to restrike

12 Oca 2023

İşlem aktif

restriked @78.5 stop loss @79.5 risk 0.5% of equity

13 Oca 2023

İşlem elle kapatılmış

Closed half for 0.2% loss. Updates in part 3