Following the scheme presented last December 8 , oil remained in a sell zone, staying between the 61.8% and 50% retracement levels. This scenario makes it ideal to open short positions, expecting further decline in the coming days.
Since there is a three-wave pattern (ABC) where wave A is the selling pressure observed in November, traders can take short positions from current prices up to the 50%-61.8% retracement levels, or up to $ 73.4.
Set stop loss at $ 80-82 and take profit on breakdown of $ 61.5.
This trading idea is based on Price Action and Stop Hunting strategies.
Good luck and have a nice day!
