USO popping based on the recent Syria turmoil. These moves always get faded. It is in a perfect Bearish Gartley. Looking for a retrace somewhere in the $36.40 range.
Comments
climbing_stars
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Tagged my target. Now I will switch to the long side.
isitpossible
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Compare current chart with 2007-09-17, assuming history often repeats itself (although not in same steps), it looks like USO is headed higher in coming months but possibly might stay near/above 37.30 area for a week or two before flying high...
climbing_stars
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I am by no means saying we can't go higher.The chart is simply a trade down near 36.50 or so. It would be possible to go higher after this. I have traded thousands of Gartley patterns. If the PRZ breaks then the pattern breaks. Until then we will have to wait and see. Good luck.
motleifaul
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I agree with MarketAlly. I missed the entry for Crude and also calculated a target of 114. I will not go short before the downmove is confirmed. But of course you may be right. But I am cautious too.
MarketAlly
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I am cautious here - I agree but I have a target of 114 for CL so I have to wait
climbing_stars
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You have an ultimate target of $114?
MarketAlly
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Yes, 114 then a pullback into 106 which will test the channel I have for the move from 4/15. My absolute downside target is 98 with maximum downside of 91. Looking for the swoon to be in and around early-mid October.
climbing_stars
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For USO? Do you have a chart?
MarketAlly
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Making one now - I have it on my TOS currently. give me 5 mins.