OIL Elliott Wave Analysis: Short Trade Setup

Anyone trading crude oil short-terms swings? If yes, then it may not a bad idea to keep an eye on hourly chart where we can see nice impulsive drop in price which means more weakness after any corrective rally. We see nice resistance for this market at 99.30-99.60 area from where traders may look for shorts against critical/invalidation levels.

OIL 1h Elliott Wave Analysis

Trading Idea: We favour short opportunity as long as market trades below 100.80.

Written by www.ew-forecast.com