CL1! - Crude Oil is building a 0-5 Pump
We see that CL came down to the grey centerline.
From there it zoomed through, pulled back (pin bar) and then missed the lower line (L-MLH). That meant "Hagopian" = price pushes back farther than from where it came. And it did.
Now price is "pumping" in 0-5 formation, a nice flag.
If you zoom in to the 240min. TF you see how it unfolds.
My personal preference is, to wait until P5 is reached.
Then, when it takes off to the north, I' pretty confident that we will reach the yellow centerline, short term. Of course, the grey horizontal acts as resistance and could produce a scary pullback, shaking weak hands out.
And finally, let's not forget that the Saudis told in the media, that traders better don't short crude for now...
Le'ts see how it works.
From there it zoomed through, pulled back (pin bar) and then missed the lower line (L-MLH). That meant "Hagopian" = price pushes back farther than from where it came. And it did.
Now price is "pumping" in 0-5 formation, a nice flag.
If you zoom in to the 240min. TF you see how it unfolds.
My personal preference is, to wait until P5 is reached.
Then, when it takes off to the north, I' pretty confident that we will reach the yellow centerline, short term. Of course, the grey horizontal acts as resistance and could produce a scary pullback, shaking weak hands out.
And finally, let's not forget that the Saudis told in the media, that traders better don't short crude for now...
Le'ts see how it works.
Comment:
So far we're on track.
Comment:
It's just starting to take off.
No sell idea so far.
No sell idea so far.