This is a continuation from yesterday's analysis for the current consolidation pattern for CL. I've updated the count and indicated where price traded today in a relatively tight range and low volume.
As I indicated previously, the UTAD could very easy be an SOW for a bullish continuation of rising price. The rise from the labeled SOW is on decreasing volume for what it's worth. I think a significant break either way from that pennant will give direction to price. Options data not very helpful either at this point.
Information only. For trading, please do your own diligence and keep your own counsel.
Lloyd
As I indicated previously, the UTAD could very easy be an SOW for a bullish continuation of rising price. The rise from the labeled SOW is on decreasing volume for what it's worth. I think a significant break either way from that pennant will give direction to price. Options data not very helpful either at this point.
Information only. For trading, please do your own diligence and keep your own counsel.
Lloyd
Comment:
If price breaks previous high then thinking this will be the final wave up. It would make V at UTAD a III of lesser degree I would think.
Trade closed manually:
New high reached. Back to the drawing board.
