Oil wave count slips to point to tradable (short) pullback next

I've tweeted in recent days about oil looking rather like a head and shoulders pattern. And looked at Tony Caldaro's Objective Elliott Wave count that suggested the move up wasn't done yet, compared to my more concerned (bearish) point of view. So I'm interested to see that Tony's altering his wave count - shown in his daily ($WTIC) chart, below (thanks Tony! - his charts are always available via his OEW site at right). His count implies that the next move is down, in a wave 2 pullback that can be quite deep. A minimum pullback level should be at least to $59, and can be significantly deeper - will see! It should be a very tradable move, so I feel comfortable including it as a KI$$ swing trade that can use one of the ETF's that short oil, perhaps such as DTO (I know there are others too).

What helps make this a KI$$ trade is, stop out from being short if it breaks up to a new high. And hold on to that short if it drops from this head and shoulders and start looking for at least $59, maybe lower.

I've also included my monthly oil chart - I've been showing this resistance area for a while now. Wil be interesting to see how a pullback plays out; should be in a way that helps confirm a new price channel. Once a wave 2 pullback is finished, then assuming Tony's count is right, the next wave up as a wave 3 should be an even better long swing trade than the initial rally from the lows. First things first though - this us now a time to sell and take profits on longs if you didn't already. If you aren't into shorting, then just wait until it looks like the pullback has completed, then we'll buy at lower levels for the next ride up. That will probably be much lower, and many weeks away.