USOIL - Reversal Inbound!

USOIL is showing us a really nice ending diagonal, consisting of 5 waves subdivided into 3-3-3-3-3. We can see that we are now in the 5th wave so we can look for a reversal trade.

The equation we are working with is the following:
USDCAD inversely correlated to USOIL.
Anticipating USD weakness during FED = USDCAD bearish = USOIL bullish

We are anticipating Dollar weakness during FED and therefore looking for USOIL strength around the time of FED.

Trade Idea:
- Watch for price to move towards the support of the diagonal
- wave 5 can often fall short or extend beyond its normal parameters which is why we have the red trendline to help us with entry
- Entry on break of trendline
- Stoploss below price after red trendline breaks
- Targets: 80, 90, actively manage the rest

Goodluck and as always, trade safe!