When I look at weekly chart,it appears WTI unable to break the channel line marked in red as shown in the chart.
My trade idea is
aggressive short at 47.18 with stop 48.72
confirmed short at 45.50 with stop 47.18.
It appears to me it is on wave 3 of downtend on the cards.
Assumption is breaking 61.8 support.
Confimation is breaking 45.55 which is wave 1.
For both scenarios target is 37.60 likely end of wave 5.
Thanks for checking my views.
My trade idea is
aggressive short at 47.18 with stop 48.72
confirmed short at 45.50 with stop 47.18.
It appears to me it is on wave 3 of downtend on the cards.
Assumption is breaking 61.8 support.
Confimation is breaking 45.55 which is wave 1.
For both scenarios target is 37.60 likely end of wave 5.
Thanks for checking my views.
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