Crude Oil: Shorting AB=CD and Targeting Potential Bullish Crab

31 mag 2017

A bearish AB=CD pattern completes at 48.95 -- I will be watching the price action in this area to short. If Crude respects this pattern and begins to drop I will likely stay bearish until the completion of the bullish Crab which completes at 46.88, right 3 cents away from the .618 retracement.

From an Elliott Wave perspective this fits well with the idea that the run up from $53.76 was a large Wave 1 and that we are currently in Wave 2. The Crab would then be an exciting opportunity as it could lead to Wave 3 and an accordingly explosive bullish move.

That is all speculation, however (I guess this all is...) -- for now I am focusing on the 48.95 area to short.

Stay nimble and trade safe.

31 mag 2017

Nota

The bearish AB=CD pattern

1 giu 2017

Trade attivo

Let's see how this goes

7 giu 2017

Trade chiuso: obiettivo raggiunto

TP1 was reached (2 times), with the rest of the position stopped out at breakeven.

7 giu 2017

Nota

The chart is definitely looking bearish on the longer time frames, however this channel suggests there may be a retracement of today's drop. The .618 appears to be an interesting spot to short for further downside...