WTI daily 062916

There is a possible Wolfe wave setting up in the Dow and WTI also has a potential wave setting up after the past couple of days action. I use investing.com for my live feed on crude but check WTI EOD for any different setups that may materialize, the reason there might be different setups is because investing.com uses the crude contract that trades almost 24hrs where as WTI only shows pricing from NY hours. Stockcharts shows a Wolfe wave building out that tested the top rail today, it may be a great place to short but it also could be posturing with the DOW ready to break out.

The target trend line was made longer to show how it interacts with the structure and the relevance. RSI is over 50 and showed divergence on the last price dip, divergence also on TSI, Stochs and the MACD is starting to curl up, PO is $56. The blue trend may have supported our near term bottom, We should know in the next couple of days.