looking for a longtrade?
WTI is good looking at the moment: seems to be a perfect entry-point for a longtrade with target about 88 USD.
In my opinion now there‘s an ideal 1-2 Elliott-Wave-Setup on the WTI-Chart with a double low. This indicates that wave 2 (blue in brackets) is already completed.
WTI most likely is in an intact upward trend in the middle of wave 3 of a higher wave level (purple in brackets, as shown in the charts above and beleow):
seems that WTI is sticking to the plan, but be aware of an abc-correction possibility as shown on the chart below. Maybe WTI is going down to the blue trendline to end wave 2. So Stopps should set below the green box. Now we have to wait until WTI shows us if wave 2 has ended already. Updates follow. Take care, tgo
now I guess WTI will complete Wave 2 (blue in Brackets) at about 66 USD.
That's why I decide to wait with additional orders.
Moreover, I have set my stop from 62,95 USD to 64,70 USD (entry: 64,25 USD).
That does not chance anything about my opinion that WTI is in an intact uptrend.
Here we see my idea of completing wave 2 - a abc-correction pattern:
I have already placed another longorder at 66,53 USD.
in WTI everything is going as planned!
WTI has made a perfect turn in my green trading box (even in the yellow detail trading box).
1. Entry: 64.25$
1. Stop: 62.95$
TP: 74,43$ (profit: 10.18$)
2. Stop: 64.70$
Stopped out (at 64.70$ / profit: 0.45$)
2. Entry: 66.53$
1. Stop: 62.95$
2. Stop: 64.40$
How does it continue?
I think WTI will now establish a stable uptrend, so it’s possible that I will place another trading box soon for another long order. But this I will decide later on when we can clearly see how stable/impulsive the wave structure is.
For now, I assume that WTI will go up to 80$ or even 88$ to 90$. So, there’s a lot of money to make!
the last good chance to get in, I think...
Please keep in mind: it's possible that wave ii is not completed yet (40% chance). There is space on the downside as you can see in the Chart (blue trading box).
Very good question - thank you!
First the wave structure (should be an impulsive character of 5 waves), second WTI should left behind 73 USD (this would be a good first indication), and third, if WTI moves above 75 USD. Now, we see not much except thinker-courses so be careful!