NYMEX:CL1!   Light Crude Oil Futures
536 1 31
Today we have reached the 61.8 fibo of the downswing 51,6-39,3 (yellow fibos). The open position is comfortable in the win (+7.25$).
At this fibo level a corrective downmove is possible (BBs are stressed out) - perhaps down to the "traders dream" - the 38,2 fibo from the movement ( 39,3-47,04) at 44,82$ - the former breakout level!
At latest here the present midterm uptrend in this tf should be resumed.

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Main view:
CAN THIS BE TRUE? DEZ             2016: 75$ ???

https://www.tradingview.com/chart/CL1%21/Jjjwoqc5-Can-this-be-true-Dez-2016-75/



What do my tired eyes see?? Isn`t it a big bottom pattern in form of an exemplary H&S?
The RSI signs, that there is still a bit air on the downside. A dip back to the 38,2 fibo @ 41,92$ would be great. A dip to the 0,5 fibo normal and a dip to the 61,8 maximal.
If this level would be bought, a H&S is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart
Comment: Reached Action Point in this TF - Will oil break the corrective downtrend ? The RSI signs a weak buying Signal. As long as the downtrend is dominant, the correction will go on - 46$ - the 38,2 fibo is a possible tp
Comment:
Comment: Adjusted daily view (fibos)
Comment:
Do you think we continue the break out or retrace down?
Reply
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