TradingView
0
All posts from TradingView
TradingView in TradingView,

AB=CD ending at downtrendline and upper MLH

AB=CD ending at downtrendline and upper MLH

LIGHT CRUDE OIL FUTURES NYMEX:CLU2016

CLU's recent price action hints at prolonged bullishness (which vibes with iea's assessment of a deficit in Q3).

However if we look at the structure there is a very real chance of a drop at 45.50 area where AB=CD ends at both the last downtrendline measured from the top of the advance at the beginning of this year and the upper MLH of a mod schiff that has been capturing the path of price.

Copying BC0.00%% onto that point projects to the bottom of that same mod schiff (around 43.13)

In the short term i am also weary for bulls as we are at the end of a rising wedge atthe upper MLH. When i copied a minor swing from the AB structure it projected right to the median (at 43.39)

I will be buying that for a target of 45.50 and monitoring to see if we make it past that.