IvanLabrie
Long

Oil: Emerging uptrend

NYMEX:CL1!   Light Crude Oil Futures
Crude oil             has reached the weekly downtrend target I had labeled on my charts, and way ahead of time.
Amidst droves of hype, and news stories about Iran's contribution to global glut, and panic, oil             started rallying (typically, after reaching a sentiment extreme, clearly diagnosed by my mentor, Tim West, in his publication calling the bottom in oil             , with a 10 dollar downside risk, but potential for high 40s up).
The technical elements are there, we're approaching the end of the time for this downtrend, which implies a retest of 45.21 in the coming weeks is possible.

Knowing the general trayectory, we can look for signals in the daily and lower timeframes to enter long positions, and scale in, navigating this emerging uptrend until we hit the target on chart (if we ever do).
For the time being I'm long, and looking to add to this trade.
The recent news about Japan mega-dovish stance has been the catalyst for a surge in the bonds and gold             , and I think this will transpire into oil             and silver             as well.

Cheers,

Ivan Labrie.
Comment: Might take a while to resume the move up, but still bullish overall.
Trade active: Reentered longs.