Crude Oil is in a Bullish Correction/Trend Against the Move Down from the Highs 7/18/22
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $115.13 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $107.05 from $23.45. We held exhaustion below with a $34.04 low and rallied $96.46. The trade above $45.21 warned of renewed strength—we have seen $85.29 of this. The trade above $52.24 has brought in $78.26 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.The break above $57.45-8.02 projects this upward $56 minimum, $101 (+) maximum. We have attained $72.48. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months. The trade above $80.03 brought in $50.47.The trade above $84.58-82 brought in $45.68. All of the above roll into the (U) and are ON HOLD.
On a shorter-term basis: The trade below $119.15 has brought in $30.92 of the pressure warned about. The trade below $115.90 projected this downward $8.85 (+) max. We attained $27.67.The bullish correction within this held corrective exhaustion at $113.49 with a $114.05 high and rolled over $25.82.The trade below $111.00 warned of decent pressure for $5.90 (+). We attained $22.77.The trade below $105.73 brought in $17.50 of the pressure warned about. The trade below $104.48 (+1 tic per/hour) projects this downward $9.30 minimum, $18.50 (+) maximum. We have attained $16.25. These are ON HOLD. This warned this may be in the last stretch of the lower timeframe move down from $111.14 (the equivalent in (U) to that of (Q)), with the potential to bring in a bullish correction exceeding $9.83—we have rallied $11.34 from the $88.23 low so far. I warned Thursday this went out strong on the day and further warned the maintained gap higher Friday is a sign of strength—we have rallied $6.74 from Thursday’s close of $92.83. I warned Friday today has good likelihood of seeing range expansion--we have already exceeded Friday's range.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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