NYMEX:CL1! Light Crude Oil Futures
I constructed a one hour chart and my readings were 50-50. The indicator I use for trend (Chop) is telling me that currently there is no trend. The traditional indicators (phase energy, RSI, MACD) are working their way to over-bought. So, if this were a vote in the US Senate (which seldom happens!), the tie-breaker would go to the last valid sell Fractal I saw on September 6th at 8 PM CDT, which was 43.84. Because of the choppiness in the price action, I would be more bearish than bullish. If the price fails at 45.64 and reverses, your bearish wedge would be accurate. You have constructed a very good chart and we can see where the breakout/ breakdown apex is likely to be. Would I take a position now? No, I would wait for the trigger. Don.