CL Short Idea on 240 min Time Frame using W5T Elliot Wave Analys
CL has been following a downward trend within a daily channel and has been honouring upper and lower bounds of a channel since the beginning of this year. Currently price has returned to the center line of the channel after completing the 4th wave and is currently on a fifth wave move with a projected target around $42, which coincides with a strong daily supply / demand zone and the lower bound of the channel.
A break below the center line of the channel would be a good entry into this trade. A more conservative entry would be below the previous low of $46.32.
ODDS ENHANCING FACTORS:
Price retraced to the green pullback zone during the 4th wave move.
Price didn't take too long to pull back.
The Elliot Wave Oscillator is crowning perfectly between the 90% - 140%.
False Breakout stochastic indicate strong bearish momentum.
A break below the center line of the channel would be a good entry into this trade. A more conservative entry would be below the previous low of $46.32.
ODDS ENHANCING FACTORS:
Price retraced to the green pullback zone during the 4th wave move.
Price didn't take too long to pull back.
The Elliot Wave Oscillator is crowning perfectly between the 90% - 140%.
False Breakout stochastic indicate strong bearish momentum.