We waited for a Price breakout of the Triangle to take an entry. However our entry was not triggered because price broke on downside of the during inventory.
Now we have formed a Classical .
We need to wait for a Candle Close above 50 USD. This 50USD is also a psycological level. If Price closes above 50USD and we see good amount of weak movement after this Breakout on LTF then we should take a buying position and hold it for either a Measured Move/Fib Extension of current Correction of existing trend/Utilize Fib Price Projection
The amount of time spent on and creating the small swing up swing leg was quite small swing. Now the recent swing low we established extended of this small up swing.
Also this Large red Candle that was formed after the downside breakout during Inventory is much bigger then its recent peer. Mostly this kind of Large candle acts as Resistance/Support. Also this 50% of red Candle is occuring nearly around 50USD , which is also an psycological Level. If we get an Candle close like mentioned above then we should have good chance of Rally in USOIL prices.
MEASURED MOVE FROM PEAK TILL RECENT SWING LOW IS 4.56 USD
FIB EXTENSION TARGETS WOULD BE 54.97(1.272 EXT) / 56.56 (1.618 EXT)
FIB PRICE PROJECTION FOR SYMMETRIC 1.0 WOULD BE 55.86 AND 1.272 @ 57.68