Potential short-trade opportunity shaping up in Crude Oil
Today's action had clear rejection close to the .78 fib retracement point. I would look for a cross of the trendline.
In a set-up like this any move above the .78 retracement should be cause for concern in considering a short trade in this market.
The ascending wedge on the back side of the move looks bearish to me.
This is for your consideration confirmation of a trend line break will trigger a trade for my with a tight stop.
Today's action had clear rejection close to the .78 fib retracement point. I would look for a cross of the trendline.
In a set-up like this any move above the .78 retracement should be cause for concern in considering a short trade in this market.
The ascending wedge on the back side of the move looks bearish to me.
This is for your consideration confirmation of a trend line break will trigger a trade for my with a tight stop.
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Here is a Weekly Paned Out View
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Engulfing Candle - Chevron
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This would be me preferred point of entry
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This is USO Fund chart. It's make or break very soon
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Updated wave count. This looks better. It's getting into the .78 fib retrace area. Theoretically not the end of the road for the short trade but the odds are stacked against you if it exceeds this area. It's setting up.....Will be looking for a trend line beak for a trade trigger.
