NYMEX:CL1! Light Crude Oil Futures
OIL has been gradually regaining strength over the last few weeks. A weakening dollar is helping to make this push upward as the bulls regain strength. Here we had a . of this new leg which coincided with the .382 of the major impulse leg. From here it looks as if the market is on it's way to retest the 41.87 level which is my target 1. Target 2 is at the next retest of structure and at the 1.13 extension of the impulse leg. Target 3 is between the at the and the . of the major move at 46.00
Trade active: Target 1 hit
Trade active: Target 2 hit
Comment: Note: Being that we broke through the target 2 levels, we also managed to break through a previous resistance level.
Trade active: Target 3 Hit!!!
Comment: Fourth Target Reached. If anyone held that long. Congratulations
Trade closed: target reached