TVC Oil: USOIL by MR_gold2 — TradingView

Ok, here’s a comprehensive analysis of the WTI (USOIL) crude oil contract based on the attached chart and the same professional formula👇

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🔹First: Technical Analysis
• The overall trend on the 4-hour frame is bearish.
• Price broke out of the sub-downtrend and then declined strongly, and the current rally is corrective.
• Trading remains below strong supply territory and the lows of previous highs.

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🔹 Elliott Wave Analysis
• The recent downward move represents an impulse wave (3 or C).
• Current rally:
• Short correction wave (4 or B).
• Expected:
• Unless resistance levels 58-60 are breached, a new downward wave will be completed.

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🔹Time Analysis
• Completion time of downgoing wave.
• Entering temporary bounce window (fixed).
• There is no complete time reversal signal yet.

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🔹Digital Analysis and Momentum
• Momentum:
• Still negative (histogram below zero).
• The current improvement is weak and does not support continued gains.
• Any weakness near 57-58 will reinforce the sell-off.

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🔹Fundamental analysis
• The reasons why oil creates negative pressure are:
• Concerns about slowing global demand.
• US inventories rose.
• Any current advance is considered a technical correction, not a change in trend.

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🔹Price Action
• Appearance:
• Candlestick rebound is weak.
• Frequent price rejections near the upper zone of FVG.
• There is no strong bullish engulfing candle.

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🔹 Supply and demand area

🔴Sales area:
• 57.80 – 58.50
• 59.50 – 60.20 (very strong area)

🟢 Purchase area:
• 55.20 – 54.80
• 52.00 – 51.50 (main order)

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🔹Support and resistance levels

Resistor:
• 57.50
• 58.80
• 60.00

support:
• 55.00
• 53.80
• 52.00

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🔹 Technology and digital models
• Model:
• Descending channel
• Bearish continuation
• Digital model:
• Lower high + breakout of sequential support.

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🔹 Harmonic model
• Forming possibilities:
• Bearish Gartley/Bat
• Potential reversal zones:
• 58.50 – 60.00

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🔹Attention point
• Previous pricing was:
• 60.00
• 55.00

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🔹 Pivot area
• Current key areas:
• 56.80 – 57.50
• Trades below this level = advantage to sell.

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✅ Final recommendation

🔹Purchase scenario (conditions only)

Only valid if:
• Price reaches:
• 52.00 –55.00
• and:
• Strong reversal candle
• Obvious positive divergence
• Stop Loss:
• Below 50.80
Or any situation where momentum increases and stabilizes 4 hours above 57, our target is 60