Thanks for your response. EW is Elliott Wave. i don't figure it out myself...have software, but most importantly subscribe to an elliott wave service which makes alot of sense to me.
as long as there's people shorting, the price will keep going up. and to think people were certain of oil not going above 110 again...
check these CL technicals out...totally overbought: click here: http://quote.barchart.com/techrept.asp?sym=CLN8
my thoughts are that once this 5 day moving average is broken heading 'down'...look for Oil to freefall 'down' and this number become resistance... CME Globex CL 5-Day Moving Average 131.54
CL holding at $132.97 currently at 9:17AM San Diego time May 26th... Memorial Day Bar-B-Q again...I am so BEARISH on Oil...really looking for the huge tank this week...hmmm...by this Friday?...could it settle under $130.00?..I say very likely
Right - lower channel right in the 112 to 113 area and right where my primary short position targets are at.