Light Crude to 54.09 by Jan 13th 2023Light Crude has lost a significant level at 78.16 and is reverting to the mean at 54.09 as demonstrated by my pitchfork trends and sigma measurments.
Pitchfork Price Action Analysis
Light Crude has broke out of the recent uptrend (with red median) and broke away from the (red) mean on Jun 14th 2022 (priced at 123.68).
Since then it has started to follow the down trend median with an attempt to break out on Nov 7 2022 (priced at 93.74)but failed to do so.
Price is looking for buyers at the 68.15 and if it fails to find them then this trend will revert to the median trend that broke out in Dec 22, 2021. That will take Light Crude to 54.09 by Jan 13th, 2023.
Flash Crash
Should we continue the trend down I can actually see a flash crash to 40.63 by Feb 28th 2023. This will be the full sigma move and will be an area where I'll look to buy into a reversal.
