Short

Break of rising wedge with bearish divergences forming.

Updated

Back to support I think... It was a good attempted breakout, maybe another time.

I do think we reach a point of absolute scarcity due to lack of investment in a rising interest rate environment...

Just putting on my tinfoil hat... it will be after the election.

Note

Okay so a little soon, but now it seems the wedge broke.

If we accelerate i expect the harmonic to complete much lower.

If we kind of drift sideways and down then maybe retest like shown in the fractal.

Note

So im still waiting for a chance to long here at around 60.10... I think we get a bounce there, and it is an easy stop loss.

If we do bounce, stop loss can move to profit.

If it runs then horray.

If it hits the stop loss we look for lower targets.

Im a sucker for oil, I really do think this is the place to look for opportunity.

I painted a few potential scenarios, we may even head up for the right shoulder before hitting 60.10...

Note

the large highlighted area seems to be an area of accumulation, and it is a very important not to fall below the bottom of that range again.... or were really looking at 52 bucks.

Note

I no longer want to long at 60.10, as the right shoulder appears to be forming already.

There will be no need to bounce there anymore.

Looking for much lower now, as the neckline breaks on the H&S

MikeMM

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