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CL - Possible C wave


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CL - Possible C wave

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GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

Wave C may possibly now be complete, with crude finding solid resistance at the prior breakout pivot / double bottom, shown below by red arrows. Hopefully some traders caught some money out of this wave C. With the corrective pattern possibly complete, the odds now favor a return to the prior downtrend.

[img]https://nexusfi.com/v/qtrkv9.jpg[/img]


As I type this, the trend is down. But, crude can sometimes need to return to retest a prior area, trapping new shorts in the process. I am now watching 4 areas for trade entry/exit;

Zone 1: 82.75-83.50
Zone 2: 81.00 - 81.50
Zone 3: 78.80-79.50
Zone 4: 75.00-75.80.

Watching volume closely in these areas will provide insight into the short term direction of the market.

Stay safe, good trading!

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  #12 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

Follow up after wave C completion

[img]https://nexusfi.com/v/fepj49.jpg[/img]

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Last Updated on September 21, 2011


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