Hellena | Oil (4H): Short to 100% Fibo lvl 62.238.
Updated
Colleagues! If we believe the wave pattern, the price is now in a strong impulsive downward movement.
I believe that the price will renew the lows and rush to the area of 100% Fibonacci extension to the area of 62.238.
Wave 3 lower wave should be completed there.
But we should not forget that the price is in wave 3 of the higher and middle order, which means that there are more chances for a downward movement!
There are 2 possible courses of action:
1) The riskier one is to open a short position on the market.
2) Conservative - wait for the price to rise, and enter with less risk.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
I believe that the price will renew the lows and rush to the area of 100% Fibonacci extension to the area of 62.238.
Wave 3 lower wave should be completed there.
But we should not forget that the price is in wave 3 of the higher and middle order, which means that there are more chances for a downward movement!
There are 2 possible courses of action:
1) The riskier one is to open a short position on the market.
2) Conservative - wait for the price to rise, and enter with less risk.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Trade active
The price continues sideways movement in the area of the level of 70. But I still consider only short positions. Note
Many people are concerned with the question - why is the price going up?
I will answer that if you look from the point of view of wave analysis, everything is going according to plan.
The continuation of the upward movement is the renewal of the lower wave “2”. Therefore, I still expect a downward movement in wave “3”.
Note
Colleagues, you may have a question - why am I not closing the forecast? I will answer - because the wave “2” of the middle order (blue) is not overlapped yet, which means that the wave is still forming the corrective wave “2” (black).
This week, I still expect the price to start declining.
Note
Price continues to move in a downward direction, as I had hoped it returned to the 69-70 area.
This means that wave “2” is over and now I expect a continuation of the downward movement in wave “3”.
✅ Free TELEGRAM channel: t.me/HellenaSignals
🌅 INSTAGRAM: instagram.com/hellena_trader
🌅 INSTAGRAM: instagram.com/hellena_trader
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.