Two days of pussyfooting an inch from my 111.88 target has killed my enthusiasm for getting short there. Although I would ordinarily view the week’s pooch-screwing price action as consolidating for an upthrust, I’m still tempted to use the target to get short as originally planned. It can be done with an rABC set-up using an a-b interval as tight as 40 cents. If you understand this instruction, you’re qualified to do the trade. If it gets stopped out, take it as a hint of more upside to at least 116.25, or 124.87 if any higher. ______ UPDATE (May 9, 6:20 p.m.): The futures could have been shorted with an rABC set-up as advised, but only after applying imaginative genius, since they never even got close to 111.88 before tanking.
CLM22 – June Crude (Last:103.03)