🛢️ USOIL Correction Before Increases 🛢️

🛢️ USOIL Correction Before Increases

🛢️ Nearest strong support zone: around the 0.5 fibo level of the upward wave.

🛢️ Nearest strong resistance zone: around the 0.236 fibo level of the downward wave.

🛢️ Technical environment:

- Moving averages: 50/50

- MACD: 50/50

- RSI: Uptrend

🛢️ Price Action: USOIL has been accumulating between $70-80 per barrel over the past few weeks. In my opinion, the current accumulation has a high probability of ending with an upward breakout, but looking at the current formation, I do not see how we can break out of the current level, given the fact that ahead of us is a new wave of strengthening of the US dollar, oil is likely to perform a correction before the increases.

🛢️ The scenario I play is to wait for the end of the correction to join the next upward movement. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

🛢️ Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

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