In the European session, I shorted HG since it tested 3.1140, the 78.6% retracement of the move from 3.1320 to 3.0485. I chose 3.1160 as my entry point because I saw that it was a previous resistance level. The worse that the position went against me was 3.1170, which is a floating loss of $25 per contract. Today, HG closed at 3.0770. I have a floating profit of $975 per contract. I am looking for this sub-minuette wave 5 to fall to 3.0170. As for CL, the market was blind-sided by the comments of Russian Oil Minister Alexander Novak. Now, in lieu of meeting in Vienna to discuss further production cuts, they will discuss relaxing their production-cut agreement. Speculation is now brewing that OPEC and other large oil producers will unleash more crude oil onto the market to make up for Venezuela and Iran. I wonder if the amalgamation of an antithetical catalyst to the market sentiment for the last 3 ½ months and an illiquid market because of the U.S. holiday on Monday is enough for the market to break the trendline drawn from 58.20 of February 14, 2018 to 60.11 of March 14, 2018 on Sunday or Monday. See my graph. Now, instead of waiting for CL to acquire a bid tone two weeks before the meeting in Vienna and take us to new highs, I will be waiting down below to build a position in CL going long.
Looks like a big move in Crude is brewing, The 30mn B-Bands are in a narrow range, expulsion immanent.