No follow through on drop, even after retesting broken TL from the back resulted in squeezed swings, that left the downsloping median set without reaching it's median. Now the last of the swings got zoomed and is currently being retested. A long postion shooting for the median seems like a good idea to me here. Sl underneath last swing.
Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back.
Maybe they are anticipating the BIG DRAW eia report on wednesday and therefore hesitant? Or is this...
Vertical big bad scary red candle upon eia. Broke both TL and Wedge, which we are currently crawling back into. Now, i am taking a risky position here (falling knives not meant to be caught). But i am counting on profit taking into weekend and some realism plus this upsloping median set which 'cuts' very nicely. Not risking much here just small portion of this...
We are still following the downsloper but coming up on three major supports: the uptrendline from the rally going back to january, the lower TL of the big falling wedge and the horizontal support off the 45.80 area). Also price action is becoming wedge-like and squishy. If we bounce back and retest i might become a buyer here. Prerequisite would be a zoom and...
we are following a downsloping median set with a median parallel to earlier mentioned mult pivot line (which got zoomed friday and is due for a retest). Because we are following the downsloper nicely i would move stop to BE and adjust target for downsloping angle of target line
As posted earlier i think Crude is on a crucial junction here. A closeup look at the structure revealed a nice short set up. Price action at the Orange Excursion line we zoomed on friday will tell if it is just a scalp or something bigger. If we rebreak that line, the short could be kept open for a bigger downside move. If we bounce back up i will be looking for...
Monday price action will be telling for the direction of Crude oil this summer. Will we repeat last years drop (started around this time) or has the balance truly shifted? Crude has no more room for messing around so we WILL know this week :)
