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Oil short opportunity

Por CameronRnd
Elliot impulse wave on the weekly is over, now we begin the correction wave. price action has reached the top of its megaphone channel. XLE, which is the most connected sector to oil also has major resistance at $70, and it rejected that just the other day. The last time XLE rejected at $70, it fell 50% over the following year. Very simple TA, but I mean C'mon, anyone could see this coming.
CommoditiescommoditydowjonesElliott WaveOilshortSPDR S&P 500 ETF (SPY) Support and ResistanceTrend Analysis
CameronRnd

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