❗️ Oil Reaches Decision Zone at $59 & 50% Fibonacci ❗️

2 min read

Hi traders,

Oil is in a bullish channel but a strong 50% Fibonacci level could stop the trend from moving higher. The resistance level is a key decision zone for a bearish bounce or bullish breakout.

US OIL

Daily

A bearish bounce could confirm the current wave pattern outlook, which is a wve 4 (pink) retracement within the downtrend. A bearish breakout below the support (blue) of the channel could send oil back lower (orange arrow). A bullish break above the 50% Fib however could indicate that a different wave pattern is more likely.

4 hour

Oil is showing bullish momentum, but if the current wave outlook is correct, then this could be the final push higher as part of a wave 5 (blue) of wave C (purple) of wave 4 (pink). A break below the channel could indicate a change of price direction and take price back to the bottom of the larger channel.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X