A chaotic swirl of geopolitical news has made crude an extremely difficult read at the moment –the perfect time to cut to the chase with a single revealing chart (see inset). It shows an uptrend likely to continue to at least 58.76 over the next 7-10 days, so plan accordingly. Because the A-B impulse leg is not of the highest quality, I can’t guarantee the target will work perfectly. However, it should come close enough to nailing a tradeable high to allow you to use a stop-loss as tight as 0.15 to get short. The trade is recommended only to those who have made at least $800 on the way up. A pullback first to the green line (52.94) would trip a not-very-enticing mechanical buy signal, stop 50.99, but it could be converted to a less risky ‘camo’ set-up if desired.
