Trading 3#: Trading setup for US oil

NYMEX:CL1!   Light Crude Oil Futures
Open short at 46 with SL at 47.09
TP 1: 43.96
TP2: 41.9
TP3: 40.03

Good luck to me!
Comment: TP1 achived.
Elliott wave is quite clear for CLM2016. Oil has finished the double zigzag correction.
Sell the break!
Good looking wedge.
+1 Reply
Yahia.Awes Yahia.Awes
+1 Reply
zhipengcfel Yahia.Awes
I saw also fib retracement from the lows with that same number.

News lines up with the technicals.

The supply level at $47 following a very long bullish run up from $26, and still with a downtrend on the monthly. Long DWTI here…
+1 Reply
zhipengcfel GMOTruths
Are you typing wrong? Short DWTI here...
GMOTruths zhipengcfel
No, long DWTI (3x Inverse oil). Short oil/long DWTI.

My target entry for oil shorting is labeled letter E.

After the initial dropoff this morning, I waited for a retracement. The retracement came, and the DWTI long position was entered where CL1 was at 46.50.

It's doing great!

Thank you.
+1 Reply
zhipengcfel GMOTruths
I'm short too, good luck!
+1 Reply
zhipengcfel IvanLabrie
Nice! Let's see how it goes.
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