Crude OIL (WTI): Long at completion of AB=CD
The structure looks like and ending diagonal and MACD is showing divergence so we'll have to see if the lower trendline initiates a bounce prior to completion of the AB=CD or not.
If PA hits that trendline in the region of the 127.2AB extension level then I might already enter long there with a tight SL. I didn't include this setup in the chart though...
If it breaks the trendline to the downside then I will buy where a possible AB=CD pattern completes. This should be roughly in the 25$ region. This psych. level might provide support in any case.
Entry just above the perfect AB=CD, SL well below the 25$ level. Initial target (75%) at the 50% CD retracement, final target (25%) just below the 50$ level.
If PA hits that trendline in the region of the 127.2AB extension level then I might already enter long there with a tight SL. I didn't include this setup in the chart though...
If it breaks the trendline to the downside then I will buy where a possible AB=CD pattern completes. This should be roughly in the 25$ region. This psych. level might provide support in any case.
Entry just above the perfect AB=CD, SL well below the 25$ level. Initial target (75%) at the 50% CD retracement, final target (25%) just below the 50$ level.
