Bear after EIA report (first reaction may be a little bullish)

Short

Crude Oil Futures (Mar 2017) (NYMEX:CLH2017)

Updated

NYMEX:CLH2017 Crude Oil Futures (Mar 2017)

Elliott Wave elliottwaveprojection Oil Crude Oil WTI CL

elliottwaves elliottwaveprojection oil crudeoil wti cl

The idea is on the chart
Perfect entry point would be 53.3x area
Stop 53.6
Target 49.2x (C of 5 = 1.618 A of 5)

Comment:

Now I'm pretty sure that we will have another up leg to 53.4. Yesterday's bounce was to short in time to be wave E, it could be only A of E. Also waves (A) (C) and (E) tend to last longer then (B) and (D) as they are actionary waves of the triangle.

snapshot

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