Nymex Crude upwards and onwards

Hook Shot said:

de cooky ......... all in the game. some you win and others ........ can't bring myself to say the word LLLL nope forget it.

180d and new lows - might be significant........ but then again it might wait for Friday/Monday.
This market is now backed into a corner just the way I like it. It must now keep sliding or ..... you know the rest!

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frugi said:

Thanks for those Andy. I can't fault your reasoning.

I went on the hamster wheel for an hour and missed all the fun. Previous long thankfully trailed out at 54.15 as per Kiwi line in last post. But I left my limit in at 52.5 so am now long 2 there with a stop at 51. I may regret that. If I get the chance I'll dump 1 at 53 tomorrow.

But ... this drop has taken it to the 50% level mentioned earlier on the weekly chart. Also I think I see a Wolfewave on the 512vol chart below - a clean 5 wave down pattern with the 5th breaking out below the wedge as Mr. Wolf intended. In case this pattern works I have drawn in the potential target line. Also marked at 51.5 is the 1:1 of wave 3 which is also 161.8% extension of wave 1. I think I will add one more lot if we get there, probably throwing good money after bad, but we'll see. For the indicator folk there is also a massive bullish divergence on the hourly. Today's volume was higher than last few days, over 45k, but probably not enough to count as capitulation. Still, perhaps the tide will be stemmed for a day or two? Now let me see how much more bullish evidence can I selectively gather to support my position while it plummets to 50?

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Hook Shot said:

Sunday is 6m from the highs - and was one reason I plumped for Friday/Monday ... if 180 on wed did not work.

Friday/Monday have often brought in lows in the past so that adds a touch more weight ?

Finally, slides have finished on round numbers of weeks before ..... no stats but it's just something I recall from previous analysis in the last 3yrs. Friday is 182nd day is 26wks....From July 14 highs.

Failing that it's $39/40.......... if $49/50 give way...

So you can see I'm as desperate as the next guy :cheesy:

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Hook Shot said:

Is this a bullish pbk as we break march lows or is it rolling over ?
This week should be very interesting........

Earth to laptop1 can you here me ? Anyone else will do just kidding ........

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laptop1 said:

Im flat Crude at 62.20...........But will go back in buying at 58 ..I had a good run in crude, long from 51

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Hook Shot said:

We know where you bought crude......

I think even the lost tribes in the remotest part of the amazon rain forest knows about your legendary call...

Only jealous - thanks for responding......... I'll wait to see what happens...

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laptop1 said:

lol...The only tip I can give you is, buy when nobody wants it and sell when everyone wants it..How about this call...The Top of the Housing market will be this summer, My sister in-law told me, "well in around about way". She was talking to me about going to an auction to buy a house to rent out,she said what you think...I said the Top is in, she said how do you know that...I didt like to tell her, when an Hairdresser is thinking of going in to propety and buying at at actions and knowing nothing about houses. This tells me the Top is in. .

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Hook Shot said:

Is this a bullish pbk as we break march lows or is it rolling over ?
This week should be very interesting........

Earth to laptop1 can you here me ? Anyone else will do just kidding ........

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TWI said:

Think GS destroyed this latest move when they put out a London analyst report earlier this week calling for $95 crude in the next few months....No doubt they were selling into their clients orders.

I think it may be buy the dip but COT reports show the market very long across the complex and a few people will have taken it right up the yazoo the last few sessions...

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