Oil is hitting the 1.618 fib extension from the first impulsive wave, watch for a considerable pullback down to about $80(1.414 fib)...IF we get it. I'd look for pullbacks to get in to buy. Oil will probably go to $95 by Dec 20; the top of the blue channel. Bottom Blue channel connecting wave 2 to 4 gives us a measurement. Extending that line/angle from wave 3 to give an estimate for wave 5 termination. RSI is at 100 so there is lots of momentum. Don't be quick to get short because RSI is at 100/overbought, wait for a pullback and the next 100 to be hit one more time before getting in a short. Once $95 or top blue channel is hit, look to stay in a short as WTI retraces back down to near the top of wave 3 at $76. Be nimble.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.