The CL daily time frame is in a large up trend.
The market is moving from a high price towards
a future low price. There is a down Fibonacci
with an extension price point 83.55 that meets
the daily up trend line. It is expected the market
to push bearish towards 83.55 then U-turn Bullish.
If the market holds at the up trend line. It is
expected the market to push towards all time
highs near price point 147.27 about +5,808
ticks above the market. It will be a good idea
to stay out of the market until the daily up
trend line is hit. Then after the market hits
the daily up trend line to look for a bullish
reversal before turning to the one hour time
frame and looking for long ideas.
The market is moving from a high price towards
a future low price. There is a down Fibonacci
with an extension price point 83.55 that meets
the daily up trend line. It is expected the market
to push bearish towards 83.55 then U-turn Bullish.
If the market holds at the up trend line. It is
expected the market to push towards all time
highs near price point 147.27 about +5,808
ticks above the market. It will be a good idea
to stay out of the market until the daily up
trend line is hit. Then after the market hits
the daily up trend line to look for a bullish
reversal before turning to the one hour time
frame and looking for long ideas.
