CL_F tested an interested support zone at 54.20 areas. this is a good reference and looking for this test to hold. we will look for a bullish view above the 54.90 areas. Below are the scenarios:
1. hold above 54.90 areas, look to test 55.20 and 55.90 areas.
2. fail to hold 54.40 and break below 54.20 areas for a larger inflection towards 53.20 and 52.90 areas
in USOIl 56.75-56.60 remains as the trend decider for today, we have marked an interesting low at 56.33 ( previous top references).
theme remains bearish below the trend decider. Break below 56.33 can see an accelerated fall to test 55.80 areas.
Hold above trend decider we have a chance to test 57.30 areas
CL_F poked the areas of 58.70-90 for long , now for a hold above should go on to test 59.4 59.70 areas. failure to hold that alternate scenarios for a test failure and a test of a larger swing down to test 57 areas.
CL_F has seen a lot of volatility, does it cool off now? well we dont know. But here is the plan.
Looking for a range bound rotation and pullback trades within the support and the resistance zones.
Break outside the areas for potential target zones.marked in red and blue ( red - Short term references and Blue Long term references)
Expecting a hold of the 58.7-58.50 areas. for a test back to the target areas marked in dashed lines as a primary scenario.
secondary scenario - Break below that expect to test the downside target areas.
blue dashed lines- ( Long term references)
Red Dashed lines ( Short term references)
we have these two references from larger timeframes in crude today.
1. 58.80- get there and hold below we move lower for test of 57.50, 56.25
2. 60.65 - hold above that we go on to test 63, 64.50 areas.
too many players eager to fade the gap up.. so we go to be careful :)
CL_F immediate reference is the the zones of 57.80-90 areas.
1. #crude key focus area is the zone of 57.80-90. will look for a test and hold here for a potential test back to 58.30 areas
2. weak for a hold below for a test back to 57.30 areas
Elliott Wave view on Oil (CL_F) suggests a 5 waves decline from April 22 peak ($66.6) which ended wave (1) at $60.04. In the chart below, we can see wave (2) bounce ended at $63.32 at the blue box. The internal of wave (2) unfolded as a double three Elliott Wave structure. Up from $60.04, wave W ended at $62.95, wave X ended at $60.66, and wave Y ended at...
Looking for a revisit to the bottom of the Macro Range (approx. the $45 handle) based off the confluence of Macro S/R, Multiple Fib lvls, and Volume Composite.
Invalidation above the mid $56 if price breaks into the HVN .