December Crude Futures... Running out of Gas near the $35 level

A potental Deep Crab has formed on the December Crude Futures contract.

Typically this formation overextends and can terminate at a 1.95 extention level.

This also happens to be a .786 retracement of the April 20/21st range.

No hurry on this as it is a 5 hour chart. Let the top form and the oscillator in the bottom pane roll-over as confirmation.

Don't chase this

S.

Comment:

If you draw a PFork from the April high and low the MedianLine comes in at the .786 retracement level. I'd attach an image if I could but TV is useless on documentation.

S

Comment:

Sideways action .... perhaps a little higher...no position yet...could see 35.35!