CL - Crude Oil Bold CallOh my..I think something big is on the way.
Let's first look at what we see on the chart:
It's a long-term chart, where each candlestick represents 3 months. Why did I take 3 months? Because I wanted to see the big picture.
Look at the red frame.
This is a daily chart, and with all the candles going up and down like a rollercoaster, it's messy and will keep you up all night.
The yellow chart is the same, but here I have only taken the swings and hidden the bars. And that's real peace of mind. It's clean and shows you where the real pivots are.
Let's go to the main chart.
The pitchfork goes back to the low we had in the 80s. This is the anchor for the A point. Then the top for B and the negative for C.
Do you see how the middle line catches the resistance and the support? What else? It's clean too. Going up in the time frame hides the noise.
From now on, the last 3 candles also have support at the centre line. And if I apply Human-AI-Pattern-Recognition (...what a word ;-), then I see a potential huge run-up towards the U-MLH (Upper-Medianline-Parallel).
Another fact that supports this thesis is that the USD has the potential to fall (see DXY analysis). And of course there will be other economic influences that will throw "oil" into the fire... kinda weird §8-)
However, as we can never have the whole cake and eat it too quickly without the cook cutting off our fingers, we have to wait for the first break of the last swing high, which can be clearly seen in the yellow frame.
Or we can start building a position now, taking on more risk but being rewarded with huge upside potential over the next few years.
However, my position with this analysis will be very long term. How will I play it? I don't know yet, but I'm considering building a CL monster with Black Magic Options Voodoo §8-)
Hope this helps and have a relaxing weekend.
