CRUDE OIL: Bearish for short term

22. Feb. 2022

LEADING DIAGONAL: In a leading diagonal , waves 1,3, and 5 are all impulsive in nature or all in corrective form of zigzags. Wave 2 and wave 4 are always present in a zigzag form. A leading diagonal suggests the starting of a new wave & that is why it can develop wave 1 of a impulse wave and a first wave of a zigzag pattern.


Either a larger correction of higher degree or a smaller correction as a ZIG-ZAG corrective wave , whatever the condition crude is going to fall if rejected from the current levels.

TRADING STRATEGY:

AGGRESSIVE PLAYERS: One should go short in the region of 93.5 $ to 94 $ keeping SL of 96$ and look for the target of 88$ and 85-84$ zone .

SAFE PLAYERS: wait for the closing below 92$ & then go short for the target of 88$ and 85-84$ zone .