USOIL time for take off#CL_F #USOIL consolidating in a range.. likely to take off if 66 is taken out for a quick test of 68.5-69 range
Cl_f
WEEKEND REVIEW: Look for a reversal around $59Hi guys, thank you for the support! I will have this analysis out each weekend as well as daily updates throughout the week, if you guys like what I'm doing hit the "follow" button and you will get a notification each time I post a video or chart!
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#ES_F - Distribution, Max Pain Trade, and Downside GapsOn the monthly, this looks like a giant distribution pattern with the UTAD "Test" TL holding at resistance and the 61.8 Fib. (As of now) Is it possible we go higher? Sure.. Calling the top is difficult. As we all know, the market likes to retest open gaps. I've notated all the open gaps along with key fib levels and support. At a macro level, we know pensions are insolvent, banks and the entire financial system is over leveraged.
The Max Pain trade is the perfect storm. Here's the set up..
1. Record net long speculators in the market
2. Record net long speculators in oil
3. Record net shorts in the dollar
Anytime, I hear record positions, I think "extreme," and how can "they" make the most money? "Think like a crook."
This set up, the max pain trade rips the dollar and causes massive short covering. The parabolic move up of the dollar crushes oil, the market, gold, and silver.
Voila.. Max pain trade where "they" make the most money and causes an implosion in the market to reset.
I'm sure most agree, 2008 the US debt was bad. We had the opportunity to endure some pain, but correct it. Instead, we kicked the proverbial can down the road. Therefore, we must go lower than those levels. I keep hearing these talking heads saying, "we won't have another bear market." I 100% agree.. IT WILL BE A CRASH. When? Not sure, but I will point out the massive accumulation of volatility products.
If and when we fall, here's some levels to watch for.. Call me crazy, but that 904 open gap on ES is the ideal spot.. IMO
Oil to sell off (again). Once we lose 66.00/65.8x we will make our way down to 63.20ish.
Big picture never lies. Low 67's high 66s possible one last time from down here before the selling happens.
WTI oil measure move resistanceSince the 2016 low oil has made equal measured move corrections. If the choppy price action between summer 2016 and 2017 was an irregular correction we could be at important measured move resistance.
Crude oil is setting up for a plungeCrude has either topped in corrective wave ( ii ) up or can make one more high deeper into the red box. And then I expected it to start decline in the wave ( a ) of ( iii )
Testing a crucial resistanceIf crude breaks out higher through the resistance if could outperform stocks in the months to come!
Bullish consolidation?Crude is consolidating around a key level. A week ago I posted that if this gets resolved lower longs will have to liquidate. But in no way I would not exclude a bullish resolution of this consolidation.
Even if the price of oil would fall to low 50s, I think that would be a buying opportunity.
will see after lunch if c/h breaks out or spills over $uwt $cl_flong from $56.26 scalp, stop loss $55.82 target $58
could set up potential desc. triangle breakout $uwt $dwt I'm a buyer above top level resistances. C is optional for gamblers
This level critical for oilIf 47.50 doesn't hold, the price could re-test 42.50, otherwise move higher..
CL 4h Chart breakdownWe can observe CL is still in that bearish channel but the price has now created what I believe a highly bullish wedge. Price targets marked as per fib retracements. If we do get a break to the downside, please watch 43.50's area as a buy opportunity.
Oil Sells Off Tomorrow. Upside very limited.
/CL to test what May low gained first.
If ur long ur wrong.
Buy Oil H&S patterns that look so elegant usually break to upside in bull markets. Technically and fundamentally Oil is in a bull market. Look for price increases off of this $48/barrel level with price targets nearer $60/barrel into June & July 2017.
