MaryJane
Short

Triple Top = Down?

NYMEX:CL1!   Light Crude Oil Futures
751 4 38
The Trend since 09.06.2016 is bearish . After reaching a new low in that trend at 39.13$, a corrective upswing started - an uptrend was born-but today, this shortterm uptrend broke with a phenomenal shortsignal - A triple Top near the (blue) 38.2% retracement - we have reentered the downtrend!!!

At the moment, we have reached the 0,5 fibo of the youngest upswing 39.13$-45,53$. This would be a normal correction of this buyingwave. Trading below that level means aiming the next TP @ 40,81$ -The maximal correction level. If that level will not be bought, the youngest upswing could be seen as finished - a new downswing could start.
trading below the last supportlevel at 40.5$ means aiming the low @ 39.13$. Trading below that level could cause a fast downwave with TP: 36$
Only prices above the Triple top @ 43.5$ will brighten the chart.

Comments are welcome -Agree or Disagree


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: wow..andtehy bought the normal correction fibo 0,5!!
snapshot
Comment:
snapshot
heh we didnt close above the higb yet on USOIL, we will see :D
snapshot
Reply
Hi maryjane! Do you think that we are now heading to 75$? I think it will depend on what the FED communicates on August 26th at Jackson Hole.
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MaryJane showerreport
Hi showerreport, no i don`t think that....my views are always a snapshot, they could change every day, than i update my idea...the way up to 75$ depends on so many things....
Reply
hi maryjane!
cl1 seems to form a abc - actuel b wave und c up to 45.. intraday move from low could be impulsive. but the larger trend ist down with target about 36 - 38 zone. let´s see.. i prefer trading Long and sl about 39. if target 45 is reached - i will go short.
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