NYMEX:CLQ2016 LIGHT CRUDE OIL FUTURES
As posted earlier i think Crude is on a crucial junction here. A closeup look at the structure revealed a nice short set up. Price action at the Orange Excursion line we zoomed on friday will tell if it is just a scalp or something bigger. If we rebreak that line, the short could be kept open for a bigger downside move. If we bounce back up i will be looking for long entries.
Trade active: Wedge broke as expected but got rebought by Asia, price now is trapped beneath big TL while following the upsloping median set. If it breaks the TL i will close this short for a samll loss and consider going long as the break couls signal a bigger rise to come.
Trade closed: target reached