Hey Guys!
So oil recently got interesting due to its huge break lower, and even more recent consolidation. With the current Fib levels, I'm looking at either:
1. A retracement towards 55, possibly extending right into 60
or
2. A huge drop, breaking the .618 level (and a huge trend line) moving towards 42.5
Due to the fact that I see the first option as far more probable, I'm going long 50 contracts, hopefully with a fill around 47.70.
Cheers,
AW
So oil recently got interesting due to its huge break lower, and even more recent consolidation. With the current Fib levels, I'm looking at either:
1. A retracement towards 55, possibly extending right into 60
or
2. A huge drop, breaking the .618 level (and a huge trend line) moving towards 42.5
Due to the fact that I see the first option as far more probable, I'm going long 50 contracts, hopefully with a fill around 47.70.
Cheers,
AW
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