Light Oil Technical ViewCL1! USOIL
The technical overview in the Oil expose a solid Downtrend and keep the spot inside the Triangle.
Triangle Bottom: $ 43.00
The bear is in the Auction control and it will keep pushing, we need keep it in mind. ALL retraccement can be a profitable oportunity.
happy week
Crude-oil
Crude Oil Short opportunity Double top at 46.5 sends oil down, triggered by Saudi oil production freeze deal high probability of failure. From elliot perspective this could be described as impulse wave 1, assuming this is wave one, the retracement is likely to occur at 0.5 fib of the move, given the oversold RSI on the 60m chart, we are likely to find an entry at 45.35.
Wave 3 should be the greatest wave and is the objective of this trade. typically the size of the third wave is 1.618 the move of the first wave. However we could corrective structures in between the impulses, possibly forming bearish harmonic patterns and forming a downtrend line.
4h chart looks bearish and fundamentals are looking gloomy again.
USOIL----POTENTIAL BUTTERFLY & 5 WAVE MOVE to 50.5...Route MapOil moves on news specifically the weekly oil inventory figures.....so If price is 45.87 or thereabouts on WEDS PM 14th September ....then buy the oil inventory data release to complete this butterfly pattern.....to a target of 50.50......
There is a bigger potential butterfly sequence that this is part of which would take price to 59 area.....see my other post on this...