Talking Points:
- CrudeOil Technical Strategy: Sell for correction
- Elliottwave Count: After had a breakout of 53.50, we are looking for bullish count, consolidation remain due
Analysis
Based on our previous analysis on CrudeOil (CL), we were stuck on complex correction cycle after reversed from 26.17 level to 51.65. However current market is much clear than previous analysis and able to judge. We are expecting new bull move in market which can target above 54 in medium term market. In short term cycle, we are expecting correction to take 51.50 level at-least before it resume it's bullish waves.
Action
We are initiating short position as we are having very limited risk and high reward levels.
-- by: Hoagtrading.com (twitter: @hoagtrading)
