USOIL - 30 - Correction forming Head & Shoulders - Sell Breakout
Im already short quite abit based on the ABC correction trade. We are now currently seemingly confirming the high of the recent upmove as the end of the B wave. so look for another impulse down. one way to hop on the trade is the breakout below the recent lower degree correction. This breakout would also break below the green resistance (now support) line and would also confirm the head and shoulders like structure. so really nice setup.
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another viable way for entry now that we have an extended abc correction would be this bat pattern. you can still wait for a breakout below the lows (like the original idea) tho
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I really wasnt expecting the break of the highs. its really odd. because now no longer in a 2 wave structure instead we are seeing an impulse. that means this upmove cant the the B wave. of the big (white abc) correction.
there are basicly only 2 ways to make sense of it.
first would be that we now first would see an lower degree abc correction down. to then give us another impulse forming a really deep B wave(white) before we start working on the white C wave.
second option would be that the recent downmove was already all the correction and we will now see more upside. after an upcoming correction. In any case.
my plans to go short are gone for the moment anway. i much rather wait for a correction to go long (with the bigger picture uptrend)
there are basicly only 2 ways to make sense of it.
first would be that we now first would see an lower degree abc correction down. to then give us another impulse forming a really deep B wave(white) before we start working on the white C wave.
second option would be that the recent downmove was already all the correction and we will now see more upside. after an upcoming correction. In any case.
my plans to go short are gone for the moment anway. i much rather wait for a correction to go long (with the bigger picture uptrend)
