CL Short Idea on the 60 Min TF Using W5T Elliot Wave Analysis

CL has found resistance in its 4th wave pullback at around the $34.50 - $35 mark, coinciding with the uppar limits of Green Pullback zone. If it holds, all indicators point to a downward move below $28, with two significant points of resistance along the way ($30.13 and the previous low of the curve at $27.34.)

An aggressive entry would be just below $32.50. however a higher probability entry sits just below the previous pivot at $31.78.

ODDS ENHANCERS

W5T Oscillator crowning nicely between 90% - 140%
Price action so far remains in the higher probability Green Zone
Bearish False Breakout Stochastics

Comment:

Price remains contained between the upper resistance zone, between $34.50 and $35, and a strong rising trend. a break either way is possible, with the 5th wave become less likely as the 4th wave has taken too long in this time frame. Examination at the 240 min level may provide more insight one way or the other.

Another entry at the break of the trend line at $32.90 is conceivable.

Comment:

* $33.60

Order cancelled:

The trend has finally turned downwards at around 10pm last night.

With Oil data coming this morning, and a protracted 4th wave move, I'll sit this one out. Interestingly, a BITS signal short has formed at $32.61 on the 60 min TF, and on the 240 min there is an incomplete looking 5th wave forming with a BITS signal close to the $32.50 entry (which would be a safer entry now as it falls well below the 6 4 MA's. I'll keep an eye on this out of curiosity but will look for other opportunities elsewhere.

Comment:

In hindsight:

Comment:

With such a nicely developed trend an entry at the first pivot break would make sense - in this case just below $33.50. Let's see where this goes.