CLU10 – August Crude (Last:82.33)

August Crude (CLU10) price chart with targetsThe rally pattern shown in the chart is formed from three single-bar coordinates, making a short from the 83.62 target moderately compelling. Shorting this vehicle usually requires more than the usual nickel-and-dime stop loss, however, since even promising targets are often missed by as much as 21 cents. For that reason, I’d suggest applying camouflage tactics when the futures get within 25 cents or so of the target.  The trade would be initiated on the first abc down-pattern from near the pivot, using an impulse leg on the very lesser charts. I’ve set a screen alert, and if it triggers when I’m in the chat room, I’ll provide more-detailed guidance. _______ UPDATE (2:54 p.m. EDT):  We’ll put this one aside, since the futures got no higher than 82.97 before the rally sputtered out and died.