Still looking to sell Rallies in Crude. I'm looking for a deep retracement back to $40.00 level. $40 is a key level for Crude if we want to maintain a Bearish view on the market.
For all of you that use Combined Technical Scoring System (CTS) to help evaluate trades, we are already at a 7. It will more than likely get a higher score as it comes time to enter.
Reasons for Entry @ $40.00
1. Bear Cypher - Cypher Completes right at the $40 level.
2. Major Structure - We have Major Structure at the $40 level with multiple tests of it on the way down. So we can assume that it will act as Resistance on the way up.
3. Fib Inversion Trade - Take a Fib Inversion off the last pullback down at the lows and looking to sell the 1.618% Fib Extension