RationalTrader
Long

Going further upwards

NYMEX:CL1!   Light Crude Oil Futures
170 0 7
Last idea proved to be correct(see related idea below) so expecting future move upwards now.
Comment: We just broke above a major downward trendline, support this idea of wave structure and bull power.
Comment: some consolidation now seems likely before more strong upward move. as major resistance above at fib 0,618 - 46.95, and price is current touched the upper Bollinger Band yesterday.
Comment:
Breaking above important fib 0.618 (46.95) of current larger bearish wave now any moment
Comment:

Possible reversal now around 47 of bearish short term trend
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