Crude oil < $71 is a S. Stop 72.43

could be a reversal of entire runup from 2/8/16

 

Expect reversal according to lower bound upside channel which is seen at 75-76, 72 is too low. I suppose you talk about Brent right?

 

No, its /CL

 

1H:

3/8/18 low marks a “b”. imho. If correct then “c” matches s nice wedge or EDT. If so, then lower wedge TL break close to 70 bucks will be confirmation.

 

One bothersome pestilence.

the form and look of this weekly upwave from 2016 is looking increasingly lousy which would imply instead of a 4th the rally is a wave 1. It won’t change my expectation of a short but it would change the LT view

 

magnetic pull from the $80 level is there too.

 

So basically oil could go higher or lower from here. I'm heading straight to the bank!

 

. record holder with 24k posts

 

Let me know when you make that oil trade big fella.

 

Why?