there are many factors indicating demand increase, that is not yet in the price due to Harvey (refinery shut down). This is just an idea for Long and is NOT a buy recommendation, considering that ABCD pattern is a bearish setup. in similar way, brent should go to about 55 - just want to track if this is going to work.
any comments are welcome, but cannot promise would answer them here
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here is a closeup look with potential targets i don't trade wti or CL- but will see
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the first target box is hit nicely
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looks like correction in the first target box is close to an end, expecting further move upwards, accompanied by speculators screams of crazy oil and wasting money on longs
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At the same time, we may see a deeper correction on Friday
The pull back yesterday was quite short, as a properly set dead cat's bounce, nevertheless, we should get to that 48.8-.6 (around) before reaching bear killing 53 level on wti - something like this...