USOIL just saw the anticipated correction to 38.2 FIB level of its impulse leg. The previous setup leg fading trade is closed and building long positions from here seems reasonable. However, theres a possibility that it'll see another round of selling that can potentially take it down to the 61.8% FIB level around 6805. Judging from previous experience with oil, corrections like this are bought pretty quickly, so monitoring V type of price action on higher TFs can provide additional information.
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