This is an updated analysis of the price activity since my last published idea concerning WTI crude oil.
I believe we have completed the corrective process to the initial down wave that occurred May 8th. This is ending as an ending diagonal of "C" as labeled on the chart.
I am expecting a downward move in prices in the very near term.
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We are in the .786 Fib retracement zone. FWIW
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Market is quietly breaking trendlines at the potentially significant .786 retracement level. If I have this mapped out correctly you'll want to be looking to act in the near future.
@BlueEdge7452, I would not enter a short position unless it breaks an ascending trendline of your choice associated with the risk you're willing to assume. With the special situation involved with this market let it confirm a top.
oliverrathbun
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@BlueEdge7452, A move above $123 will negate the wedge idea
oliverrathbun
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@BlueEdge7452, Technically the wave count is still valid for the trade. If it goes any higher I'll have to re-evaluate. In any case...Wait for a trendline before taking the trade.