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CL - Possible C wave
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CL - Possible C wave

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CL - Possible C wave

Crude recently potentially completed a 5 wave move down, blowing just below the major low pivot (green arrow to the left). It has since possibly found support at that pivot, now a distant LSP, and has the potential to complete a wave C into the red "zone".

As always, watch volume, watch the short term trends, etc.


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Step one would be simply blowing the stops of short traders around the area shown below on the 60 minute

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Last edited by GaryD; August 21st, 2011 at 10:40 PM.
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Just since I first posted the daily chart, crude rallied over 90 ticks... I don't trade at night, so nothing lost, but we now have a very strong 6-range reversal.

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So far moving as projected. Roughly 270 ticks up move along wave C path since first post.

Below are some points of interest to be aware of as this moves along.


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Wave C still intact, now in the area of 400 ticks. Long is the direction for crude oil until this trend fails.


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Nice

Great trade so far. Hope you made a few $.

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Jaffels View Post
Great trade so far. Hope you made a few $.


I ride the upwaves on a range chart and watch the higher timeframe chart to see which way I am going. What I posted are some of the charts I watch, and I always have a daily, 93 minute, 30/60 minute to see where I want to go.

So, I have not taken 400 ticks, but catch 50-60 per day as an average.

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Nice

Good stuff. Looks like I should give your journal a closer look.

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This potential wave C is not dead yet. Crude has tested the area around 83.00 three times now, and has possibly formed the base of support needed to push through the stop losses above the high pivot of wave A, retrace (or not), and continue on to the minimum target zone.

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Crude Wave C still intact, but approaching area of potential high reward-to-risk short.

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