$CLF17 – January Crude (Last:52.74)

[With apologies, I am publishing this tout without the chart, since my WordPress publishing tool is currently not functioning properly.] The futures pulled back sharply after DaBoyz had wrung shorts’ necks early in the session, but there’s no disguising the impulsive power of the thrust. It exceeded several major ‘external’ peaks on the daily chart (see inset), all but guaranteeing that the weakness that has ensued will prove to be a corrective buying opportunity. The selling likely has farther to go before it has run its course, however, and that’s why bulls should exercise particular caution before trying to re-establish long positions. That implies looking for the turn on the 15-minute chart or lower. Don’t hesitate to nudge me in the chat room for corroboration of any trading ideas you may have in real time. In the meantime, we have several bullish targets to guide us, but I’ll suggest focusing on one at 55.93 ahead of the next buying opportunity (daily chart, A=40.13 on 4/5/16.  It is more than merely plausible, given that the point B high of the impulse leg with which it is associated exceeded 2015’s key ‘external’ peak at 53.65.