NYMEX:CLK2016   LIGHT CRUDE OIL FUTURES
Trade1: Short@41.3, stop@40.01,, done

Trade2: Short@40.5, sell stop@41.2, target@36.5

Trade3: Short@39.5, sell stop@40.2, target@35

Trade4: Long@34.5, buy stop@33.8, target@45&46

Comment: Bearish butterfly with Elliottwaves
Trade active: ABCD,rebound after hitting 38.3
Has already long WTI oil @38.5, target@40.5
When reached 40.5, Trade2 will be ready to execute
Trade active: Mar.29: Short@39; tg@37-36.5; the lowest reached 37.9, has stop@38.6, after rebound.

Now, I'll keep watching 39.5, and plan to carry out "Trade 3".
Trade active: Luckly! It gave me a good chance to sell at a higher rate than my expectation!
Short WTI Oil@39.66 has already done! waiting for the tg. as planned.
Trade active: At this stage, long Oil@37.76,, tg.39-39.5

The declined Wave 5 is moving in a reverse symmetrical "A-E", it is going to rebound.

Related Ideas

ABCD,rebound after hitting 38.3
Has already long WTI oil @38.5, target@40.5
Reply
Thanks .I think its going to be halted around 38.5 then fall ,i believe oil will have free fall towards 32 dollars(.618% fib of the move from 26---42$) that will complete the 3rd wave in the down move(3rd wave of the first wave to the downside) (wave one being 42---37.92 wave 3 will be at least 1.618% or ,,,2,,,2.618% extensions ) and may happen before the upcoming OPEC meeting in April ,,i also feel oil already made a 5 wave move to the upside as corrective move from 26---42(as long as a move happens within a channelling its a corrective move(if it is an impulsive move it would have broken the channelling on the 3rd wave of that channelling not after completing the 3rd wave ).it is just my thoughts ,,i also think OPEC will disappoint on freezing (production cut can only boost the price as per some experts not freezing here is why,,,, 1)there will be many shale producers ready to jump on board once prices stay above 40$,,2)Iran isnt ready for any freeze let alone cut ,,3)slowing demand ,,excessive supply 4)alternative energy like solar power ..I think oil is heading towards 10$ a or lower a barrel before OPEC panic and freeze.Thank again
Reply
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