broswer
Short

2618 setup on OIL?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
74 1 1
Double tops appealed on 4hr chart, retracement did not pass 0.618 neck line three times. Possible large pullback on tomorrow or next week.
Givingthelowdown
8 months ago
Im wary on this because although we got double top, volume was low for finishing a cycle and no convincing shooting star to confirm end of cycle, we could be forming a left shoulder, might drop to 47 then ping up to 51.5 which is 1.27 fib of 1st wave..I aways ask myself is that a convincing a double top, it doesn't convince me , its traders shorting at 50 which is a nice round number, like gold recently formed a base at 1200 cos its a nice round number to trade off but not the end of a cycle...
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