Crude selling off this morning, shall we get long again?Crude having a decent pullback this AM, I am staying patient until at least the GP retracement from the local low to local high. If it isn't showing strength there I will wait to see how the orange trendline and/or the green parallel channel reacts. If we get a bounce off of one of those three levels I am expecting a rally back to the red parallel channel, this will be an important take profit zone. I will then hold a portion of my position for the trend reversal confirmation just under the short arrow . I will take the rest off there and maybe even enter a short at that point. For me to enter a short, the price can not confirm above the red parallel channel and the oscillators must show a strong bearish divergence.
I will update this post or write a new post once we reach my key short level.
Good luck!
