CL1!
Several factors pointing to a potential continuation of the 3 month downtrend.
- Fibonacci cluster zone ( 88.6% fib. retracement 261.8% fib extension 127.2 fib. projection )
- Trend-line resistance retest
- Lower highs/lows = downtrend (even though the swings have been big)
- A potential AB=CD or commonality zone:
--price made a $6.70 rally over a 16 day period (3/27-4/12)
--potential mirror of $6.70 over 16 days projected from 5/9-5/25.
Comment:
Opec meeting on the 25th furthers the potential for a mirror 16 day rally ending on Thursday, volatility expected