WTI OIL, time for long

Hi Traders,


The OIL - now at 95.54 - seems to be ready for a nice rally, up enough for a good trade.

TARGETS:

Likely: 97.50-98.00
Possible: 100.30-100.90
Maybe: 103.5-104

SETUP: 

In the weekly chart below, after the a-b-c (in red), the Oil performed 4 waves (sideways) and its now ready for the 5th one up.

The daily chart below shows that the Oil bounced back from the top trend line 3 times and it's now hovering there once again. This is an indication that there's fair enough energy for the new uptrend.

However - even in the likely event that it pulls back to the area 94.83-94.56 (quite possible) - the commodity should start the new uptrend soon.

Expect the first target in the area 97.50-98.00 to complete wave 3 as indicated in the 4-hour chart below.

Then again, a new pullback named "wave 4" will take place, followed by the last rally (possibly) to the area at 100.30-100.90

ENTRY POINT:

Possibly, entry in the area at 94.83-94.56. Hence, don't get into this trade straight away.