waleedkhan
Short

CRUDE OIL ELLIOTT WAVE FORECAST

FX:USOIL   Crude Oil (WTI)
Right now there are 2 possibilities...1) oil             continues to sell off to complete the 5th leg, or (2) then price must retrace to the marked areas

if it does hold at b, then price should retrace up to the red resistance lines which also happen to be fibonacci levels....

My personal bias is on the 38.2 fib level for c at $97. However since we are moving into the winter months (historically prices do rise in the winter) hence I wouldn't be surprised if we have an extended "c" leg all the way up to $101.

How to trade: Look for price action reversal candles at the red resistance areas and target $70's area
Hey there, I just found your blog after being short crude oil and taking a beating the past two days. Could this whole mess after 3 down be a 4 triangle?
Are you still short? I am
Reply
waleedkhan NicholasAmato
Yes it certainly can be a triangle...

USD index and how it has been burgeoning recently can put pressure on oils upside and we could very well get a consolidation triangle also...

What are you short at...

I'm not short; been waiting to short...
Reply
waleedkhan NicholasAmato
My blog?
Reply
Crude oil looking strong...is the c leg in play?
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