Crude has finally broken some recent lows where we saw consolidation at a possible top. It is running into some key Gann angles at and around $120. The fact that today's trading fell below the low from April 24th is big. If we can get below the low from 4/18, we've got a real shot of significantly lower prices. We're at a wave 5 with Divergence in the Oscillator, culminating at resistance of the Gann angles.
This is a good case for Counter Trending. Watch out for a retest of the highs, as many markets like to go back and revisit highs and lows before ultimately giving them up. It pays to be prepared for all scenarios. If this is the turn around, and you miss it, the next trade to look for is XTL Breakout to the Bearish side.
Be Prepared!
nate mccartney
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