The reaction yesterday afternoon came from the 50% retracement line of the move up from 101.58. I am shorting that jump, down to the 50%-61.8% in the 105.27 zone, in case the larger move wants to keep going down to the 61.8% mark at 103.89. The speed so far of the decline this morning has been slow, so it looks like it is probably a 'b' wave down with a 'c' leg up to follow. The purple dashed speed lines are likely the top and tail targets with a breakout in either direction the end goal of this consolidation. Overall the 60minute trend continues to be downhill, with the 4hr price envelope and cloud providing support, for now. Down, up and then down again would be my preferred route.
Tuesday, 1 July 2014
#Crude Oil $Crude Oil #trading
The reaction yesterday afternoon came from the 50% retracement line of the move up from 101.58. I am shorting that jump, down to the 50%-61.8% in the 105.27 zone, in case the larger move wants to keep going down to the 61.8% mark at 103.89. The speed so far of the decline this morning has been slow, so it looks like it is probably a 'b' wave down with a 'c' leg up to follow. The purple dashed speed lines are likely the top and tail targets with a breakout in either direction the end goal of this consolidation. Overall the 60minute trend continues to be downhill, with the 4hr price envelope and cloud providing support, for now. Down, up and then down again would be my preferred route.
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