forker
Short

CL - Crude to fall below 36?

NYMEX:CL1!   Light Crude Oil Futures
Context
- price is in a huge sideways range (see grey A/R channel)
- resistance at the A/R's high and the confluence point from the two forks

Sine Waves:
- the center of the pink SW is already broken
- the yellow one is not yet broken. The weakening of crude could make it happen.

Observation:
- price could not reach the centerline after the first resistance. This indicates that price "should" go higher then from where it came...but it did not, not yet. A further fall would indicate that pressure from the upside is increasing and price potentially will move much lower!


If the blue ray (most right) is broken, I am willing to hunt for a long term short down to 36 or lower.

P!
Comment: Halted to the tick at the slanted support line.
Now I'm really courious if it will break...it would probably play out very fast to the south. But that's probably just hopium ;-)

GN.
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So far my wishful thinking is gone...along with my spread §8-)

Next station is the test/retest of the U-MLH. If it breaks back into the Fork, I would hunt shorts.

Reply
Thanks thulasi for you comments.

I have no clue how these waves work.
But it would be great if you where right, because of my short Spread and cheaper fuel for my Car ;-)

Have a happy day
Cheers
Reply
Yes absolutely 3rd wave of the 5th wave has started and will take the price down by 17 dollar min(from 49-17=32,,,or 20 dollar then 29 dollar or 2.618 to 24 dollar ) crude is heading to 10$ a barrel first 24---32 dollar then a wave 4 retrival then 5 th and final wave of 5th wave to 10$ a barrel neither saudis nor Mr Trump can save oil it just how wave principle works
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