Crude oil hits near-term target $111; how to trade it now

Crude Oil is today hitting a target price of $111 in $WTIC as identified by both Andre Gratian and by Tony Caldaro - check out their updates posted here over the weekend. That's great! But KI$$ investors and traders should be alert now if they want to lock in profits. Some may want to use put protection on a topping pattern, others may prefer to sell (or even short), then go long again after a good pullback completes. But first, we must identify a topping pattern reversal if we want to get the time and price kinda close.

Below is Tony Caldaro's daily $WTIC chart from page 10 of his public chart list, from his "the ELLIOTT WAVE Lives On" website (see his post and website links, below and on the right side of the page). We're looking for a wave 5 completion in order for crude oil to roll over into a correction.

In my own (Ariel) opinion, a pullback target of $83 is possible for $WTIC based on the Fibonacci pattern indicated in my monthly chart, below, since it's testing around the $107-ish level that's a 61.8% retrace to the previous "all-time" high. But, that pullback of whatever amount (could also be to $95 or $90 areas) will be the next great buy before it marches toward Tony's $175 target!