BROKE 65 and now $64 on Crude

Not only did we break $65 we just now broke $64. I have a minor support number @ 63.80, so watch for that area.

See you tomorrow

MARKETJEDI

Crude-Lesson

One important note I have to point out here on Crude and technical analysis. Alot of people think news moves the market and I dont think so. I think technical analysis rules and could be seen in that Crude play. that set up was based on technicals and not on the EIA numbers just reported.
Last week I noted 67.60 was the measured move and if we reach there it is an excellent risk reward trade on the short side. We actually traded a bit higher which usually troubles me because I am thorough in my analysis but I said still short it and put you stop above that last swing high.
Well if you played exactly to script you would never be in danger of being stopped out and would be up +$3.50 as I am writing this. Now you are home free as you should take 1/2 off here and the stop on the second 1/2 should be set at entry.

I have a target of 62.75 on this trade, we will see soon enough.


MARKETJEDI

Crude Update

Down $2.79 now- $65 cracked

up $3 on that trade, I would take 1/2 off here and ride the rest if you have multiple contracts.

Sweettt!!!!!!!!!!!!!!

MARKETJEDI

Crude trade

If we break 65 here we will be good - crude is currently down $2.19 @65.10

Crude

Crude getting hit again early- There is EIA numbers this morning on Oil but as of now we are down $1.92. If and I say if the structure works that Oil short will be golden.

MARKETJEDI

Current chart

It appears that we are still in process of tracing out a triangle, although, slightly different than what I mapped out yesterday. Wave C looks to have morphed into a more complex structure(WXY).


If my assessment of structure is correct, we should see a thrust upward on E's completion. It has a 21.50 handle measurement from high to low. This would target out around 995 (VERY IMPORTANT NUMBER) using the apex. We will have to see where E ends to get an exact target.

Have a feeling-

I wont be watching the markets tomorrow (wednesday) as I am tending to some stuff. One thing I noticeD today I think we hit a wall or it is coming, now I am not saying we wont go higher remember my 1045/56 area is still in ply BUT today's action just feels tired really tired. I think the weak bears were shaken out when we broke 925 and then 956 but something here doesn't feel right.
I can't put my finger on it but let's say I would be extremely cautious. Maybe I am just tired and need some rest :)

MARKETJEDI