Short OIL at important level of significance

FX:USOIL   Crude Oil (WTI)
108 1 4
AB=CD completion move around 52.40 wich matches with
a significant level of importance. D point of a bearish butterfly completion matches this level so i will expect a sharp drop at this level.

At the moment price is consolidating in a pendant so a breakout to the upside will match our PRZ if we measure the lenght of the bottom/top of the pendant.
So for the moment we will wait for price to reach our PRZ and then will take a close look at price action and find if there is a setup that can give us a good risk reward ratio to open a short position
Order cancelled
Very interesting and perfectly clear view on oil, easy to understand.
My trading platform with PEPPERSTONE gives XTIUSD for Oil with a price
slightly different from WTI.
The closing of the 14th is US$50.69 on XTIUSD and US$50.19 on WTI.
So is it correct to say that the decision to short will be based on the
price action on WTI as shown on TV, irrelevant of the XTIUSD price ?
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out