In any case, what is Oil to do now is the question. Several clues are giving us some idea. Of course, no one can know for sure what will happen but there are indications that can guide us and give us a good educated guess. Here are a few:
1) Prices are now sitting at/near a MAJOR SR and currently is being rejected. Whether it will hold or if prices should break it DECISIVELY is yet unknown
2. There was a completed earlier in this impulsive wave. Prices are now in the PRZ of that and testing the top extension which is a derivative of the "golden ratio". But that 3.618 extension does lie past the
3. The wave count shows that this wave (iii) is in its final wave v
4. the is indicating an oversold condition
But one thing is lacking right now for me to take a SHORT position is that price action HAS NOT confirmed a top yet. And I do not "top hunt". I'll let prices tell me when it is the right time to go SHORT. And if this is the end of the wave (iii), then wave (iv) follows and that could take this all the way down to $54-55 area where there is another STRONG waiting.....if it does do this, then profits could be more than +600 pips
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