CL on Bullish 3 Wave
CL is likely to return to its upward trend soon.
It completed a 5 wave down which ended in the 61% retrace region from the prior 5 wave up. This makes it likely it will continue its longer term trend up from here.
It could also be on the C leg of an ABC correction. The C leg will also be bullish.
Basic trading idea is to buy in lower rectangle and tighten stops in upper rectangle. If it's on a 3 wave and not C wave it could go higher than the upper rectangle.
It completed a 5 wave down which ended in the 61% retrace region from the prior 5 wave up. This makes it likely it will continue its longer term trend up from here.
It could also be on the C leg of an ABC correction. The C leg will also be bullish.
Basic trading idea is to buy in lower rectangle and tighten stops in upper rectangle. If it's on a 3 wave and not C wave it could go higher than the upper rectangle.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.