Hellena | Oil (4H): Short to support lvl 63.5 (Wave 3).
Updated
Colleagues, the last forecast is still active, but I thought it was worth doing another one that will show more clearly what is happening now.
In my opinion, the price is still in wave “2” of low order, but in a three-wave correction.
This means that wave “2” (black, lower wave) should not update the level of 73.114, but it can update 71.695, although this condition is not necessary.
As a result, I still believe that the price will continue its downward movement, although it is in a prolonged correction.
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!
In my opinion, the price is still in wave “2” of low order, but in a three-wave correction.
This means that wave “2” (black, lower wave) should not update the level of 73.114, but it can update 71.695, although this condition is not necessary.
As a result, I still believe that the price will continue its downward movement, although it is in a prolonged correction.
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!
Note
Be careful, a slight decline does not cancel out the conservative option of entering a position.
As soon as the price passes the level of 67.87 I believe that from that moment the target will be achieved.
Trade active
Colleagues, considering that the price has already passed the level of 67.830, we can say that the downward movement is in priority.
I believe that this trading week the price will reach the target area of 65.607.
Note
Friends, the plan remains the same - I expect the downward movement to continue, but it is possible that the price will make another correction. The most important thing now is to see the breakdown of the level 67. After that I will advise that trades should be set trades to breakeven. Note
Colleagues, I still believe that the downward movement is the priority, even taking into account all the corrections.
I see every correction as an opportunity to go short.
Note
Colleagues, the situation is such that wave “2” will still update the level of 72 and we will have the opportunity to again place short positions with the aim of reaching the level of 65.607. Note
Friends, still price has not updated the high of wave “2” and I believe that this week it will do so.
The whole difficulty is that the price is now in a prolonged sideways movement.
In wave theory this means a complex correction. Often such a correction takes a long time to form. We are watching the situation.
Note
Dear friends, the price still has not updated the level of 68.7, so for now there is a possibility of updating the level of 71.45. I repeat that my thoughts are still on short positions, but the price is obviously going to gain strength.
I would work with pending limit sell orders.
✅ 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.