Cl is at its extreme within this upsloping median set and has made a higher low after reaching the pendulum median line. This offers a very nice long opportunity with a relatively cheap stop.
Target 1: Coil (red box)
Target 2: Expansion topside as projected by expansion downside from the coil.
Target 3: Upper MLH
Eia extended the upswing but gravity prevailed.
Now we seem to be headed to the intersection
median downsloper and MLH upsloper.
I will certainly contemplate longs there with
median upsloper as first target and
MLH upsloper as second target.
Please note my bigger stop for the second target.
Trade well and prosper :)
In my last chart I pointed out a point of interest and possible long entry. It seems price has indeed bounced and is now headed north. The median on this hourly chart is a high probability target for me now.
Technically we are still in an uptrend but candles this big are hard to ignore. It looks like the deliberate august run up just turned into a massacre. However i have found an interesting area to watch for possible long entry, or at least for a bump to re enter short.
CLU's recent price action hints at prolonged bullishness (which vibes with iea's assessment of a deficit in Q3).
However if we look at the structure there is a very real chance of a drop at 45.50 area where AB=CD ends at both the last downtrendline measured from the top of the advance at the beginning of this year and the upper MLH of a mod schiff that has been...
Took a look at copper, target and criticals are in the chart. Will wait for retest upper MLH before i enter (or, alternatively for zoom and retest of old (grey) median) . Stop would ideally be above pivot.
Target 1: bottom channel,
target 2 base WRB,
target 3 downsloping median.
Yes i did see the big drop after eia, what i did not see however is a new low. I also noticed we got stopped by the upsloper's MLH. This i why i went long for C.
I will of course monitor and lock in profit whenever i can because crude... is crude :)
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...