Oil - Approaching potential resistance. How deep the reversal ?
Oil seems to be finishing a 5 waves move and approaching potential resistance zones which are the Fibonacci clusters in green at 113, 115 and 118.
I do not know which one of those will act as resistance but one thing is sure, it's time to take profits off the table, not add new positions for the short term at least.
On the hourly time frame, we can see that we're potentially finishing a 5 waves move.
Notice that the Fib projections also come around the same levels as the 15min chart.
I do not know which one of those will act as resistance but one thing is sure, it's time to take profits off the table, not add new positions for the short term at least.
On the hourly time frame, we can see that we're potentially finishing a 5 waves move.
Notice that the Fib projections also come around the same levels as the 15min chart.
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