CRUDE OIL TRIPLE TOPFirst and foremost one should know I am very bearish on oil, as it has paid tremendously the past year to be on the short side. But a true bear should know when to prey and when to hibernate. At this moment I consider myself in hibernation.
I am looking to sit out until June of this year before I initiate my big short on crude. So far my analysis has been inaccurate and predictions have been in accurate the past 2 months. I will admit this. But when I put my bias aside and actually listen to my chart as well as my technical analysis, I can admit to myself that oil has more room to run. Most bears wont admit this, but I will admit crude has room to run but one must take the good and bad with this. The GOOD in this is that the more oil runs up the more green in our pockets when it meets its maker. One chart is not sufficient so i tend to make several charts. In this chart here we have a clean triple top. Previous triple top was formed July 29th 2015 and triple topped in oct 9th 2015. The most recent triple top was formed dec 15 2015 and triple topped today march 17th 2016. in each of these triple tops it took exactly three months to form. COINCIDENCE? I DON'T THINK SO!. Does this mean we should initiate a short? well not necessarily maybe if your'e scalping yes. We should deff be pulling back before taking one last swim up before JUNE.
