CRUDEOIL1! / USOIL - Correction is not complete yet?

Oct 8

TF: 240 Minutes
CMP: 5580

I have plotted the internal wave counts of this larger corrective pattern (WXY) and also drew Pitchfork Support and Resistance levels for better understanding.

In summary, looks like the correction is not yet complete and we are in the final leg of the correction (Y leg)..

In this Y leg, the thesis is that, we are falling in an ABC three wave down or 1,2,3,4,5 impulse down.

In either case, we have completed first leg (a or 1) and the 2nd is about to get over (b or 2)..

The next, most rewarding one is the C or the 3rd wave down..

Wait for solid rejection at the upper levels (5620-5650 Max) and look for a decent RR set up.

Will update here when the trade becomes active.. For now, the B or 2 rise is not yet complete.


Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.

Oct 9

Trade active

Price is getting rejected at the zone specified and breaking the swing lows.. trade intact.. break of 5390 will accelarate the fall.. It had enough consolidation for 2 weeks now..

Oct 10

Note

5390 broken and then booom.. Now that the price has closed inside the next range on pitchfork.. we could look at hitting the midpoint (red line) in the coming sessions... Just so you know, move will not be ONE WAY.. look for pullbacks for better Risk Reward Entry

Oct 16

Trade closed: target reached

from 5580 to 5050 that's one of the tiring moves.. Now the price is at the pitchfork midpoint and also about to complete the 3rd wave.. Booking out for now.. Will re-enter later once the 4th wave rise is complete..

5 days ago

Note

Looks like the final Y leg is an ABC correction.. The bounce was super strong, indicating that this could be a potential reversal of trend.. will wait for pullbacks to entry..