Intraday Trade Series #1 - Crude Oil 5th Wave Rally In my previous post, I have discussed the current nature of crude oil as either a correction or an impulse. In either scenario, it is likely that we will witness a bounce towards the 6700 levels. It appears that wave 3 has concluded and we are currently in the 4th wave, which is anticipated to conclude between 6495 and 6415. If we observe any bullish patterns such as a morning star, engulfing, or piercing on the hourly chart in the entry zone marked on chart, we can consider initiating a long trade with a minimum target of 6627. As the 5th wave in commodities tends to be larger and more pronounced, we can attempt to ride the wave by adjusting our stop loss using techniques like swing lows or the Fibonacci 38% levels once it reaches our minimum target. It is crucial to closely monitor the price action and momentum to determine if it aligns with the characteristics of wave 5.
Wave count, Entry, Stoploss, Target are indicated on the chart
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
