Being tracking this since September. Starting a position, as inflection point is so close, that it could reverse the trend totally out of the blue as in June 2010.
-Ideal Tgt @ 50% fib ext by March
-Stop @ 3.00
-Doha Opec deal looming
-Being tracking this since last Autumn, to be kept for next year along with wheat.
-SL @ Nov lows
-First TGT is @ neck test @ 50 then respectevly by 10 handles higher but it has to be assessed further late on.
Price between MN SZ/DZ, now we have reaction to D1 SZ and price comeback to D1/W1 DZ searching demand. IMHO still long, and old questions....from which lvl? :) Price will show us good entry :) Look at lower TF how price will work. Good luck :)
Structure indicates we will have a continuation of downtrend and breakout from triangle.
The other posibbilty is we might have another up move and begginning of new trade.
Either way is good opportunity to trade...