KVE

Crude OIL (WTI) UPDATE: some thoughts on possible scenario's...

FX:USOIL   Crude Oil (WTI)
381 0 5
Possible retracement up to the 40 region might be in progress, I wasn't in on time so I think I'll just sit this one out until the next opportunity comes along.

I still think we need a last push down before we can start a new longer term uptrend so I'm still thinking we might get below 30 and close to 27.5 and maybe even 25....
A long entry that low would be ideal, but maybe too good to be true... Anyway the spot where a possible AB=CD ends is still my preferred long entry point (as in previously published idea linked below).

If we break above the trendline of this ending diagonal though I will be looking to go long earlier to possibly complete the cypher drawn on chart.

I am also considering a small short at that trendline around the 40 level but I'm thinking of using a tighter SL as depicted here, I'll decide when we get closer...

Below the cypher C point I will be looking to go short with targets at the AB=CD completion zone.
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