"Caught up" in MA's rhythm .. Dancing shoes off the shelves!!!

For me...a lesson was learned today ... Have to do the TA on the security instead of the derivative. Oil looks ok see USOIL chart below:

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Futures are decisively lower after close of market than the lower trendline drawn in.

So last chance for the E wave count would be to attach the lower trend line to the B-leg wick that gives a tolerance for a drop to the 3.20. See chart below

It would take a "good" API report to bring it up closing the gap..... and go further!!!

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Written yesterday before close
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Seems like E is done today and wave C up can begin.

Due to the negative sentiment....
we could see a gap up tomorrow.
That would spark the short squeeze needed to get oil up to target.... wave 4 of lower degree.

Low risk entry with a stop at 3.32

Safe trading ladies and gents

@BLawrenceM

Music at work:
www.youtube.com/watch?v=mSpgwN5m...
open.spotify.com/tra...bnWimjwW08r6RIsANmIq

NB The white B is missing at the top of 4.13 (see chart underneath)