Follow the Yellow Brick Road

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Have been waiting for a confirmation of trend reversal after rally on 21.01.2016. As supply glut continues to grow, there is no reason for a resurgence in oil prices yet.

Technically,

1. Rising blue wedge was broken,
2. Rejection from .764 line to confirm H&S.
3. Upper Yellow line now serving as resistance for downward wedge.

End of corrective wave C on Daily TF, down one more wave series to retest lows before true reversal.

Anmerkung
Move SL to BE, continue to monitor
Trade wurde manuell geschlossen
Broke green line, new low, and out!
crudedollarloonieOilUCUSDCADCrude Oil WTIWTI

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