The impulse wave on WTI is not quite so perfect as that on Brent (which is creating one of the most perfect trader-
friendly waves ever seen right now, check it out).
But the wave is beginning to take shape here nicely now too and looks full of intent and stored energy, ready to power it
higher over the next week or two ahead. As with the Brent impulse wave, use any further tests on the lower parallel as a
buying opportunity (with stops 30 pips below) and any test on the upper parallel as a near term selling opportunity with
stops 50 pips above if day trading this complex. The upper parallel here on WTI is sensational, really trustworthy, as good as
Brent's - and now the lower parallel is forming nicely too on WTI. We can use that for the next couple of weeks.
If WTI comes off from here and back to 55.00-54.60 it's a buy with stops 30 pips under the parallel. Although it's clear that
the entire area betwween 57.20 and those highs at 61.62 on left of chart is a real battleground, and that we are quite
likely to see a repeat of that whipsaw at the same levels and will need to take profits quickly (before someone else does
and price drops away again fast) ...but the trade has to be buying all dips as WTI grinds higher and higher , right up to
61.57 - 62.55 upside target - at which point, with bears squeezed tight, it will likely fall away again. (or if day trading
sell off the upper parallel and buy back from lower up to 62).
We are still long here on a long-pull swing trade from 43.74 and unlike the similar Brent trade this was never closed out
just before the last Opec non-event - this didn't look 'spent' but Brent did (so shorted it and left this long open, see older
comments if interested). It has a 61.47 limit order on it. One day...At any rate, last week's price action was super
for WTI, turning old and powerful resistance at 55.06-54.60 into support and catching the market on the wrong foot by Friday.
This has more upside now. Use any weakness from here back towards the parallel as a gift of a buying opportunity until the
upside target is achieved, ideally as WTI hits the upper parallel at 62.40. Time, and trend-lines, as always, will tell.
So WTI is 'surprisingly' . Solid bull move last week. This wave has more to run. It woukld have to close below 54.60 for
the bears to have even the remotest chance of getting a grip from here. Ain't gonna happen anytime soon. Last week told us that.