USO trade idea - start building short as USO has followed the channel and appears to have topped.
Measured move would be towards bottom of channel now.
Stop loss near previous highs.
I like this idea because while many names are currently down and hard to short in the hole, USO appears to have just started rolling over. Technical indicators are pointing to...
Thinking we are going to 1st test $86-$88 B4 a sub wave 4 starts and then completes around $78. After that sub wave 4 should end and sub wave 5 should start of the greater wave 5 which ends over $100 plus mid 2022
Crude Oil will provide the Leading Indication for a Reversal into the
3/5 for the Indices.
The DX has been wandering in the Desert @ 96.
All eyes have been on the Breakup and out to 98, it has
yet to materialize and with Rates pulling back, we will see
quite clearly where the Operators have designs on...
Crude Oil has an expanded range from 78.36 to 80.48.
Sellers have been roundly pushed back as CL would simply
collect the energy and grind higher.
API Today and EIA T0morrow will provide direction, the
Gap remains overhead and should be filled.
Rates have had a mild impact on CL, as has the DX.
Oil has completed a 5-wave move on 25 Oct. Oscillators and geometry suggest a decline.
Price got rejected at the lower boundary of the channel. The red trend line is a second resistance, connecting the previous low and the gap.
We can count an ABC (in green), which makes up corrective wave (b), in blue. If correct, we can expect a wave C to...
Leave it to OPEC to Delta the recent Phantom 400KBPD Output Increase.
Called BS on that farce, and it's knee-deep.
Thursday, they will announce a cut or rollback of the most recent snafu.
Hachoo Hookah as we refer to it.
Crude remains the Leader along with the NYSE Comp and BitCon.
CL left a large gap below @ 6585.
Were it to fill, it would be after 11 AM EST should the pattern hold.
Resistance traded Frist @ the 6864 Level - .618 of Micro.
The IVX is quite itchy.
Sporty Day ahead for Oil, widening Range ith solid Price actions.
The current volatility is above historical volatility, traders anticipate higher volatility for
Price in the Short to Intermediate-Term.
Crude Oil WTI Jan '22 (CLF22)
66.26s -0.24 (-0.36%)
Crude Oil WTI Feb '22 (CLG22)
66.10s -0.17 (-0.26%)
Crude Oil WTI Mar '22 (CLH22)
65.93s -0.10 (-0.15%)
Crude Oil WTI Jun '22 (CLM22)
65.26s +0.02 (+0.03%)
Crude Oil WTI...
In attempting to stress the Risks associated I need to step it up... this is the
entire Measured Move and RTs for CL into 2022.
85.41 - HIgh
23.6% - 66.7872
38.2% - 55.2664
50.0% - 45.955
61.8% - 36.6436
76.4% - 25.1228
100% - 6.5 Low
For now, with traders looking for a...
Crude crossed its Retracement Objective during Globex @ 67.16.
63.73 and 62.42 are now the Lower Range.
OPEC Wraps up today.
Currently, the largest influence on Oil is the Equity Complex, it is tracking
the NQ closely.
Expect VX in CL as it's due for far more, they'll need to squeeze this back up...
WTI has been working within a near perfect fib relationship in every wave . my target i called for was 85.9 spot on and now a ideal pullback within the relationship calls for the next rally to peak at 88.91 I would look to be long as the news on the low came and is in the market as well as cycles . this would lead to a new rally to just take out the last...
We are expecting a decline of the USO until it reaches regions around $53.08. Here, a turnaround is expected and the price should rise again. In total, we see the market move towards areas above $65.65.
Perhaps the seed of Charting Rbob Gasoline Earlier.
This Black Gold stuff is a slippery liquid.
Oil seems to be stealthy making lower lows &
perhaps about to make a lower high.
Have to be slick to market time the ole WMD.
*Short ideas are SELL ideas only, don't support outright short selling.*
Peek the detailed breakdown notes
in the high def chart links below...