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Wednesday, 16 April 2014

Crude Oil H4

General Overview for 16/04/2014:

The corrective upward cycle has been finished and labeled as a wave B black and now the impulsive downside cycle should start - the first wave of this cycle has been done already and the count is valid as long as the level of 105.20 is not violated.
The Key Level to the downside is the support area betwwen the level of 103.02 and the Weekly Pivot. Breakout lower is first confirmation that the impulsive cycle has begun.
Pleas enotice the Cycle indicator for big red domnant cycle is at its highest level now and the downside cycle should start very soon. The other support for this point of view comes with bearish divergence on Awesome Oscilator.

Support/Resistance:
105.73 - WR1
105.20 - Swing High
103.02 - Key Level to the downside
102.81 - Weekly Pivot
101.24 - WS1
98.35 - WS2
96.70 - WS3

Trading Recommendations:
Go short with SL above the level of 105.20. This is a big cycle top and it looks like a very good level for a SWING SELL TRADE.

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