CL1!: Crude Expected Target Hit, Are We To Continue? #Oil

NYMEX:CL1!   Light Crude Oil Futures
823 5 9

Anyone who follows my ideas strongly will know I track Oil             like a hawk, and have been in a short position since the 4th of November. We have now hit expected 3 wave target, and a psychological 10 handle level.

What is to happen now? Well, that is hard to determine at this time. I'm not the type of trader to take profits at target, since targets are just a perception of common circumstance, not a firmly indicative rule that holds any sort of constance. (In my opinion only)

Waiting to see if we break the line. If we do, staying in, until I see something compelling, I won't be taking profits, either.

Best of luck with all trades.

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Today's reversal lacked the characteristic strength of prior "oversold" bounces. I think we'll re-test 40.00 tonight.
TomProTrader simonsays452
Yes, I feel compelled to agree. Seems a little naive doesn't it?

simonsays452 TomProTrader
The bounce seems naive or thinking we're going to re-test 40 is naive? Since last November, oili has defied convention. I think you have to keep playing it short.
TomProTrader simonsays452
The bounce is naive I meant.

+1 Reply
TomProTrader simonsays452
I think shorts should continue in my professional opinion. And the bounce was at support.

The main thing is that Oil will almost always rise after a momentous global event. Note that the Paris attacks and reaction to these attacks probably caused the up day in all its right.

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