Natural Gas is asking desperately for a sell call and this is just a part of the corrective structure in ABC pattern, long term prospect remains bullish but people can enjoy the C wave to mint some profit.
It seems that CL is on the last leg of the corrective ABC move, thus short term gains can be made from the trade . CL is bullish at the current stage and can comfortably achieve the hinted target within few weeks.
12345 Pattern Happening
Price is at S1 ready to complete 4-5 leg of pattern to R1.
We should see a corrective ABC pattern if current 12345 is completed, this should start at the important 1.8000 level and break down to the historic levels attached to chart (1.65000 and 1.45000).
Repeat symbol is showing that price reversed previously at 1.7000 level.
Possible 123 pattern. Earning announcement in Sep 8th. If your looking for a quick trade best to wait for 4th pattern to develop as an entry point to go long. 2nd options is aggressive and its shorting at the resistances level 3rd pattern, then exiting near (or reaching near) 4th pattern. Anomaly movement is no rally to the 5th pattern point, consolidation...
Looks like we may have entered into an ABC correction here. Price broke through trend support and then bounced off 2015 key level which could mean we are entering into the B leg for a long, and then a C leg for a short.
Has the USDCAD topped already? My wave count does say so. By the way I'm already short from 1.39383. But the entry signal was a Bearish Dragon pattern. Nevertheless its a relief to see that my wave count tallies with the trade.