I am long with CL ie. oil future, there is fairly big contracting triangle placed with it, I had been waiting some day if it would reach 94 $ but so far it has kept above of it, it has build also own small timeframe contracting pattern on the bottom for 5 min chart during the last 48 hours which is also the reason why I am long with this with 95 $.
It cannot travell much inverse with basic stock indexes either. There is basically 2 alternates for it, either it is about to place fifth plunge for this low or then it would crack this fully, the first scenario fits better for it since now stock indexes also appears to find some support, even temporary.
Only 1 contract swing and likely will close it tomorrow in EU hours if it even worked and did not violate my aftermarket entry for it.
This lower timeframe contracting bottom pattern is not actually very good that it is there, because it can suggest it is only going to take ABC upside correction but oscillators are reasonable angry for it with small TF divergences.
It starts to look that like SPX 1240 could keep this market.
Tomorrow is expiration day and there will be lot of re-positioning.
My entry might not be there tomorrow anymore and position is gone & crushed allready by overnight but one should follow this 4H major pattern a bit what does it do because SPX will do the same. If there is fifth wave on the progress it is not missing that much anymore. But if this contracting triangle ends B wave, we have long road to land still. Based for hourly chart RSI, temporary pause might be needed anyway.
Daily chart top for Oil was 3.618 extension where this drop started, originally – so there was good reason for bears.
