looking for a retest of all time high after c/h breakoutcurrently see a 4th wave sell down to the 5th wave. We're building a base. Off of the 5th wave, I'm looking for a C wave buy from the abcd pattern. All this sets up a daily cup/handle pattern that will need to breakout to retest all time highs retest all time highs. Chart also coincides w/ the sp500 futures chart set to retest all time highs after the retrace.
Short down to 5th wave
WTI (Crude Oil Futures)
Crude Oil - Black GoldCommodities are rallying today as the Dollar index loses value and right on cue, oil has hit my target at $43 (the 50 week EMA) and could pullback soon.
I've closed my positions for a $1,237.50 gain (entry/exit linked below) and am looking to buy dips moving forward.
I believe oil is heading higher by the end of the year and the fib extensions should help map out buy/sell points and hint on the strength of the moves. That pink trend line also will likely come into play at some point.
Goodluck.