|Crude Oil Anchor Chart|
We analyze Crude Oil and we see a strong bearish trend with lower-lows and lower-highs along with support levels below us at 98.40, 95.312, 90.91, and 88.29. we will be selling short this morning and we will use these support levels as our runner profit-targets.
|Crude Oil VIP Chart|
We can see on the VIP chart of Crude Oil that we closed on Friday near the lows, and this morning we opened with a big GAP DOWN below the PLOD which tells us these sellers are in control. We know the DIRECTION we want to trade, short, but now we need an entry pattern in that direction.
With new lower-lows we will sell short using the wave-pattern-short or double-top short. If we get new higher-highs above the 101.59 HOD for the US session we can scalp counter-trend buying pullbacks with the Wave pattern long up to the PLOD at 102.30. We must remember that with a bearish trend, the buying opportunities we see should be taken with caution. We want to sell as soon as these sellers re-enter the market.