We are now completing wave 4 of the motive wave that started its development back in June 2014. Wave 4 is likely to touch the top of the wave 4 of one lower degree and then we will proceed to the final wave 5 development. It looks like oil price tends to make most of the movement in wave 1&3 leaving little to wave 5. Therefore I assume that the current development will end at approx 39$ for WTI, which corresponds to "naive fibonnachi" extension - 2.618 of the distance from from the previous trend breakout to the top of wave 1.
Overall short for the next 2 months.
Overall short for the next 2 months.