❗️ Oil Reaches Major Decision Zone for Break or Reverse ❗️

2 min read

Hi traders,

Oil showing a bullish break above the resistance trend line (dotted red) but the space is limited due to the 38.2% Fibonacci resistance level of wave 4 vs 3.  The Fibonacci levels could be strong zones and cause a potential reversal back down.

US OIL

4 hour

Oil is currently in a wave 4 (pink) pattern unless price manages to break above the 50-61.8% Fibonacci retracement levels. A break below the support trend lines (blue) would indicate a bearish breakout and potential for a downtrend continuation within wave 5 (pink).

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Good trading,
Chris Svorcik
Elite CurrenSea

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