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Crude oil - topping into resistance zone 62.60 - 65.35
You may check my macro count for crude in my update posted on 3/21/2019.
I expect that rally started in Dec 2018 to complete very soon. To do that we should get full five micro waves up in the final wave c of v (the black count on the chart below).
To nail completion of that black c of v I added a micro count in the red color. And so far we have not got any confirmation that the micro wave iii up has topped.
Crude oil - 45 min chart updated at 12:38 AM on 4/3/2019
To check where Crude may find natural resistance I scrolled back a daily chart to 2015 – 2016.
You can see on the chart below that price reversed several times either from 61.58 or 65.35.
You can see that this is a band that has some price congestion areas inside in Sep – Oct 2015 and again in March – April 2016. Now you have your SUPPLY ZONE.
Now you now that in the worst case scenario price may stretch to the upper boundary of that SUPPLY ZONE at 65.35. It’s like an air pocket for a price.
Another conclusion is that IF price manages to stretch to the higher boundary, the first pullback down will be the lower boundary! Now you have your worst case: most likely you will be able to cover your short at 61.60 sh.
Crude Oil - Daily chart 2015 - 2016
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