CL1! - Crude Oil To $200
1. The slope of the blue slanted lines are derived from the two consecutive lows.
2. Then this line is projected to the next highest, and in time farthest point.
3. The slope catches the low of the -$40 level.
4. When projected backwards, we see that a high in the past is catched by the lines.
5. The lines catch the bounce.
6. A high potential target is the U-MLH (Upper-Medianline-Parallel.
However, price could bounce back to the white Center Line, as it usually does. From there chances are 50/50 that price breaks down through the center line, or continues to the upside. In this scenario, the target would be above the $200 mark.
2. Then this line is projected to the next highest, and in time farthest point.
3. The slope catches the low of the -$40 level.
4. When projected backwards, we see that a high in the past is catched by the lines.
5. The lines catch the bounce.
6. A high potential target is the U-MLH (Upper-Medianline-Parallel.
However, price could bounce back to the white Center Line, as it usually does. From there chances are 50/50 that price breaks down through the center line, or continues to the upside. In this scenario, the target would be above the $200 mark.
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