Crude Oil - Wyckoff update

NYMEX:CL1!   Light Crude Oil Futures
Looks like my teeth got loosened a bit. My thoughts of a distribution phase turned into a re- accumulation phase for CL . CL hit 60.97 which was right at the top of the July 17th daily candle Indicating some resistance on a daily scale. I'm working on a Wyckoff picture on the daily but still a work in progress.

No Wyckoff labels on this. We saw yesterdays push up to new recent highs and data drove it down near close yesterday. Even though I have a lower level EW label of three on that high, certain fits a completed wave 5 as well of a couple degrees. I have placed res/sup lines where I think they are significant and see if there is any action at these levels.

I'm early in the P&F charts but yesterdays high ran up against a horizontal and diagonal resistance lines as well at yesterday's high. Technicals show overbought areas and options data still very neutral.

Good luck and chart is for informational purposes only. Do your own diligence and keep your own counsel .

Trade active: So far looks like Wave 5 may be completed. Hour chart doesn't clearly show a W5 on that last rise but was a rapid spike on a lot of volume. Lower TF you can maybe see that dip.

Pennant forming now so not out of the woods yet. See how this shakes out.
Trade active: Looks like an ABCDE triangle on the low TF''s with a subsequent hi. Extension fit as well. May extend to 61.21 if another wave comes up.
Comment: Looks like we may have topped out but given the long extended rally, certainly possible it continues.


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