MarketIntel

WTI: Flying Squirrel

Short
NYMEX:CL1!   Light Crude Oil Futures
Flying squirrels are not, in fact, able to fly but rather glide from tree to tree, using their extended skin that stretches from their arms to their legs. Just like one of those flying squirrels, WTI has jumped off the retracement at $115.78, where it has finished wave b in orange, and is currently gliding downwards in the direction of the support at $80.98. After it has completed wave (A) in white in this region, WTI should temporarily gain some new momentum, spreading its parachute-like skin again for a countermovement in wave (B) in white. Then, it should continue to float into the green treetop between $70.12 and $35.77 to conclude wave (C) in white, wave c in orange and wave 2 in green.
Disclaimer

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.