USOIL (WTI) has dropped significantly, as per the previous analysis posted, and is about to finalize Minor Wave Y (red), with it, the Intermediate (B) (light blue).
We started looking towards a Long Set-up which could provide a Medium-Term Trade towards 60 Levels.
After Primary B (green) has completed (after an Intermediate Running Flat), Intermediate (A) (light blue) unfolded as an Impulse (5 Waves Structure), followed by its Corrective Intermediate (B), which in turn unfolded as a Complex WXY (red) Structure.
The WXY Structure contains very complicated Combinations (Running Flat, Flat, Contracting Triangle, Irregular), which is revealing the fact that Minor X (red) Zone is to be treated as a Vibration Level, therefore, price is most likely going to be attracted towards it, once the Bearish Impulse for Minor Y (red) is finalized.
Minor Y (red) is expected to end its Bearish move at the 61.8% or 78.6% Fibonacci Retracement of Intermediate (A) (light blue).
At this Levels, the Bounce-Off would most likely be triggered by a Bullish Divergence.
Minor Y (red), Minute C (blue), Minuette C (black) and Sub-Minuette V (golden) are all expected to end simultaneously, therefore, completing the Cycle for Intermediate (B) (light blue).
The Bullish Divergence would be the Key sign for the trading set-up and would most likely be revealed at the previous Vibration Levels which acted as Supports/Resistances (see 47-45 Levels).
Long Entries:
Aggressive – 47.20
SL – 45
Conservative – 45
SL – 42
TP 1 – 55
TP 2 – 60
- safety measure – after entry and in profit, move SL to beak-even levels
- wait for Divergence confirmation