Crude Oil - Heads Up - Topping?

2022年5月31日

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.

2022年5月31日

ノート

Here is a Weekly Paned Out View

2022年6月1日

ノート

Engulfing Candle - Chevron

2022年6月1日

ノート

This would be me preferred point of entry

2022年6月3日

ノート

This is USO Fund chart. It's make or break very soon

2022年6月4日

ノート

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.