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