WTI OIL, retracement

Hi Traders,

The WTI OIL (now at 106.33) performed a double top and seems to be ready for a juicy downturn.

TARGETS

likely: area 103.73-103.36
possible: area 100.60-100.41
maybe: area 99.20-97.35

ELLIOTT WAVES

Conventional technical analysis displays a breakout of the triangle in the monthly & weekly charts. ie: a new major uptrend (wave 1) started the last week of June 2012 and ended mid July 2013.

The daily chart shows that this uptrend was regularly performed with 5 waves up (from point C). Hence, we expect quite a deep retracement, possibly to the area 99.20-97.35.

ENTRY POINT

The 1-hour chart shows that if  you entry now you may be able to get a short up to the area 105.34-105.45 or lower. Alternatively, if you trade the daily chart or the 4-hour chart, wait for the wave oscillator to give you the go.

The 4-hour chart displays wave 1 & 2 (in magenta). This is usually a good entry point



monthly chart, click to enlarge

 weekly chart, click to enlarge

daily chart, click to enlarge

wave oscillator applied to the daily chart, click to enlarge

4-hour chart, click to enlarge

wave oscillator applied to the 4-hour chart, click to enlarge

1-hour chart, click to enlarge

wave oscillator applied to the 1-hour chart, click to enlarge