Thanks! I’m a novice and find it hard to sit back and wait. It cost me a small fortune so far…

I find it best to sit back & wait for the most objective, high-probability setups with favorable R/R‘s & pass on those that don’t meet that criteria as the next setup is always around the corner.

A consolidation is certainly possible but I suspect crude futures will reverse around the 58.24 level (which is just overhead so maybe the bounce is already over) and have another leg down in the overnight session.

Hard to say with a high degree of confidence as the easy money on the crude short was made before (position short just below key resistance at the top of the wedge) & after the impulsive move following the breakdown. As such, this is where it gets more difficult, especially if taking a new position as the R/R is not nearly a favorable either long or short at this time as it was on the short side on Friday.

Thanks! Riding it for a quick buck. I sold DWT at 6.50. Time to get back in or do you expect consolidation? (I know you mentioned it in the video but was a bit unclear regarding time-table) Thanks

Sure. 14.62 is the first resistance & most likely to cap this very near-term oversold bounce IMO, followed by the possibility of a bounce-back up to the 15.52ish/intersecting uptrend line resistance, which would put considerable lower odds on although that is certainly a possibility. 60-min chart of UWT below. G-luck!