USOIL 8/2/2024
Current Analysis:
Correction Buy (ABC Pattern): We’re observing an ABC correction pattern. HTF Leg 1 has developed well, and we're about to complete Wave 3 in this leg, entering a markdown phase.
Current Position:
Leg C: We’re in Leg C of the ABC pattern, which should deliver an impulse move. However, internal indicators aren't fully confirming this setup yet.
Action Plan:
Entry Strategy:
Risk Management: Set buy orders with a stop-loss below Leg 2 to manage risk.
Timing: Expect potential movement around key news events like NFP or early next week (Monday or Tuesday).
Watchlist:
Patterns: Monitor for specific patterns to confirm the buying opportunity within the current formation.
Adjust your strategy based on emerging patterns and key economic news.
Correction Buy (ABC Pattern): We’re observing an ABC correction pattern. HTF Leg 1 has developed well, and we're about to complete Wave 3 in this leg, entering a markdown phase.
Current Position:
Leg C: We’re in Leg C of the ABC pattern, which should deliver an impulse move. However, internal indicators aren't fully confirming this setup yet.
Action Plan:
Entry Strategy:
Risk Management: Set buy orders with a stop-loss below Leg 2 to manage risk.
Timing: Expect potential movement around key news events like NFP or early next week (Monday or Tuesday).
Watchlist:
Patterns: Monitor for specific patterns to confirm the buying opportunity within the current formation.
Adjust your strategy based on emerging patterns and key economic news.
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