Nice short lined up ready to break. We could have a nice profit taking pullback down to some previous Resistance could go lower on news.
The trend is up. Crude is rising. Possibly to the heights of $75/$80 per barrel. However, the Day supply zone allows a counter-trend position from ~$63 with a risk of 100 points. The reward on this, to the opposing Week demand zone is 700 points (7:1). This will possibly be where a reversal to the upside begins. EP: ~63.30 SL: ~64.30 TP: ~56.30 R/R: 7:1
Hi Traders, WTI OIL is very close to the support in the area 75.62-74.94. The sputtering downtrend is "kicking the bucket" and the start of a new uptrend is only hours away. TARGETS First down to the area 75.62-74.94 then up to the area 87.53-87.62 (for a start) ELLIOTT WAVES The weekly chart shows that the A-B-C will be completed by reaching the area...