sngyuchao

CL Short: Completed 5 waves up and a bearish Engulfing pattern

Short
NYMEX:CL1!   Light Crude Oil Futures
I haven't updated CL analysis for some time since the last that I was wrong. These few days I have been monitoring the 5 waves up and the bearish engulfing candle seems to have given the necessary confirmation that the trend might have changed.

Outside of technical analysis, the recent news that long-term yields are rising also support my overall analysis that USD will rise against most products. These include Yen, Crude, Gold, Silver, S&P, Dow and the FX majors.

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