USOil is these days mentioned in connection with everything and everywhere. It is true that the fall from levels around 108 to level 47 we don't see every day, but how is one great truth - if talking about it already Joe, it's time to be cautious. ;-)
On the other hand, my opinion is that the price around 43USD is a milestone, which we may soon reach. If you see it like me, in the chart below you can see that after achieving two basic targets (FE 23.6 and 61.8%), there is still the last one FE 100%. Usually, after reaching 61.8% correction coming and everything suggests that this is happening now. If I will open next short position I will look for opportunities around the level 51 USD - based on the last leg down. Of course, this doesn't mean that I assume a simple scenario - a growth to 51USD and then fall to 43USD. My view may be completely wrong, but this setup seems like the most logical and convenient for a good RR. This is not a prediction, this is the setup I'm looking for ;-)
So we will see and Lots of green pips to all ;-)
On the other hand, my opinion is that the price around 43USD is a milestone, which we may soon reach. If you see it like me, in the chart below you can see that after achieving two basic targets (FE 23.6 and 61.8%), there is still the last one FE 100%. Usually, after reaching 61.8% correction coming and everything suggests that this is happening now. If I will open next short position I will look for opportunities around the level 51 USD - based on the last leg down. Of course, this doesn't mean that I assume a simple scenario - a growth to 51USD and then fall to 43USD. My view may be completely wrong, but this setup seems like the most logical and convenient for a good RR. This is not a prediction, this is the setup I'm looking for ;-)
So we will see and Lots of green pips to all ;-)
