Crude Oil Anchor Chart Prep

We can see
Crude Oil trading inside a price-wedge and inside the range from Thursday.  This is considered a range-bound market so we
are buying the lows and selling the highs for the high-percentage-set-ups.

We will look
forward to a Wave Set-Up if we make new lower-lows below the swing-low of
95.50, and we will take our profit-target at the lows of the major price-wedge
around 95.10.

If the
sellers try to push price below the 95.50 and FAIL to make new lower-lows we
will be looking to buy above the 95.50 using the InsideOut Set-up.  When the sellers fail below the PLOD we are
looking for the price-reversal and the entry long above the PLOD.  Profit-target will be all the way up at the
highs of the range.  In this case, our
profit-target for the long-side would be the price-wedge highs and the PHOD
around 97.20

We can see
the price-channel is bearish, with lower-lows and lower-highs along with a
bearish price-wedge. 

We will be
looking for the first of three breakout sessions at 9:00am EST today on Crude
Oil.

Our day
trading plan for Crude Oil is to use the price-wedge as our biggest clue, and
being inside the range from Thursday tells us to buy-the-lows at support and sell-the-high
at resistance of the price-wedge.  The bearish
price-channel tells us that selling the highs of the price-wedge will be the high-percentage-trades
this morning.  In addition, if we make
new lower-lows below 95.50 we can use the Wave Set-Up to get short down to the
95.10 and 94.65 below us.  If the sellers
try, and fail to push price below the PLOD 95.50 we will use the InsideOut
Set-up to get long when the sellers fail and price reverses back above the PLOD.  If we can get long at the PLOD our profit-target
is the PHOD along with the highs of the price-wedge overhead.