Hello, dear traders! I present to you the trading idea for oil.
Thus, after oil prices collapsed from $85 to $61 a barrel in November, the WTI instrument is correcting into the 50% fall range. This fact creates the prerequisites to search for possible entry points to the downside within the stop hunting strategy according to the chart shown in the screenshot below:
Overall, it is a three-wave ABC structure, where the A wave is the short initiative of November.
It is recommended to consider short positions from a pullback of 50-61.8% on the Fibo level from the current prices and up to 73.34 for WTI according to the chart presented in the screenshot above.
It is advisable to limit risks to $80-82 and fix profits on a breakout of $61-60.
The trading idea is presented within the price action and stop hunting strategy.
Good luck and control your risks!
