High Percentage Patterns Setting Up On Crude Oil Futures

Crude Oil Futures:

Enter long above the 80.14 with profit targets of 25 (1/2), 65 (1/4), and then top of the wedge is the final target.

Enter short below big round number of 79.00, look for 78.95 or lower for the best entry to make sure we clear the big round number below, and then take profit at 55 (1/2) using the AB=CD pattern, then 78.05 (1/4) ahead of the big round number, and then down to 77.78 we want to read the tape to see if we see signs of a price reversal

– What are the three signs of a price reversal?

o Slowing speed

o Momentum curls

o Big buyers/sellers

So look for the reversal around the double-bottom of 77.78 and be on the lookout for a place to take your final target.

Gold Futures:

Entry short to continue this move down will be below 1192.0, and looking for profit targets of 87.5 (1/2) if we get below the trend, but if we cannot get below the trend line, you need to use your first target at the first test of the trend line as support.

Final targets will be 87.5 (1/4) if we take profit at the trend line already, and then all the way down to the next batch of yellow lines (double-bottoms) at 82.3 (1/4)

If we reverse this downtrend we can take a 2-step reversal pattern long above 1197.8 (wait for the swing high for the actual pattern to form) and I need to take a quick firs target at 99.0 so I can make sure we don’t miss the bounce ahead of the big round number.

Final targets will be the big round number of 1200 (1/4) and then all the way up to the top of the wedge and look for price to shows signs of reversing at the highs around 1206 to take final profit.