NYMEX:CL1! Several factors pointing to a potential continuation of the 3 month downtrend. - Fibonacci cluster zone ( 88.6% fib. retracement [green] 261.8% fib extension [red] 127.2 fib. projection [blue] ) - Trend-line resistance retest - Lower highs/lows = downtrend (even though the swings have been big) - A potential AB=CD or commonality zone: --price made a $6.70 rally over a 16 day period (3/27-4/12) --potential mirror of $6.70 over 16 days projected from 5/9-5/25.
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Opec meeting on the 25th furthers the potential for a mirror 16 day rally ending on Thursday, volatility expected