Thursday 19 April 2012

WTI, Saturday, April 21, 2012


Hi Traders,


I updated my post on Oil.
You still have he best entry point and set up on oil (WTI).
Please take a good look of the 4 hour chart.


Now: $104.04. It's now retracing slightly to $103.96 and could go even to $103.76.
Entry point: $103.76 or $103.96-104.00 if it doesn't retrace much.
Position: long.

Immediate target: 105.39.
Final target: up to $112.70-$114.70, then down to $95.00 and lower.

Note: there seems to be a strong resistance at $104.57.
Warning: if the Elliott wave count stops there or some other resistance ($108.18 and $109.72) it might not make it and it will reverse sharply.

SITUATION

Check the weekly chart below. The West Texas Intermediate is performing the very last wave up (wave 9). It's the very last leg up of major wave 5.

The chart touched the channel 5 times already. Consequently, after the last rally, it will breakout to the downside.

The Stochastic shows a divergence already for the long run, meaning that we're doing the last leg up and the down.








The daily chart below confirms the Elliott Wave count to 9. For some of you the count to 9 might sound wierd but it's equivalent to a count to 5.







The 4hour chart below shows that we started the uptrend already with 4 waves up. They are the first manifestation of wave 9 (weekly chart) that should unfold in about 13 - 21 waves







Finally, the 30min chart describes the A-B-C which formed the wave 4. Plus, see the candlestick reversal (hammer).





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