If you needed some immediate volatility in Crude Oil, you bought your want this morning!
Crude Oil shaped a basic “Rounded Reversal” or “Rounded Arch” Distribution sample and the large promote sign triggered this morning with a breakdown that morphed right into a collapse.
Here’s the chart and aftermath:
In the weekly membership strategy (become a member today to receive detailed analysis and plans), we had a bullish goal into the $51.00 per barrel area which set the stage for revenue taking and an aggressive bearish play.
We have been right in that worth rallied up towards our goal and then stagnated there from Monday to Wednesday.
Price peaked above $51.50 on an enormous (prolonged) destructive momentum divergence and “Arc” worth sample.
This morning rewarded the aggressive bears – and profit-taking bulls – with an preliminary draw back hole (a short-sell set off sign), a retracement to fill the hole (a fantastic “second chance spot” to get brief), and then an enormous intraday collapse again towards the $49.50 prior excessive help goal.
With this transfer behind us, it’s an awesome probability to review the sample and put together for comparable occasions sooner or later.
Follow together with members of the Afraid to Trade Premium Membership for real-time updates and further commerce planning.
Corey Rosenbloom, CMT
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SOURCE: Afraid to Trade.com Blog – Read complete story here.