The futures have resisted falling to the midpoint support of the pattern shown (inset), stopping out bears no fewer than two times. The pivot currently lies at 84.18 and can be used as a minimum downside objective for the near term. If p is touched, it would set up an enticing opportunity to bottom-fish with a tight reverse pattern that has a ‘c’ anchor anywhere in the range 84.01-84.19. Ask in the chat room if you are uncertain about how to handle this ‘counterintuitive’ trade. As always, a decisive penetration of a ‘p’ support would imply more slippage to the next Hidden Pivot level, in this case p2=82.97. ______ UPDATE (Sep 19, 8:39 a.m. EDT): Sellers easily took out the p and p2 supports, ensuring that the selloff will reach a minimum D=81.76. You can bottom-fish there with a tight ‘camo’ pattern on the lesser charts provided theoretical risk at entry is no greater than $200-$250 per contract. ______ UPDATE (Sep 19, 8:23 p.m.); A Whoopee Cushion bounce from 82.10 negated the trade. I suggest indifference for the time being as crude continues to screw the pooch.
CLV22 – October Crude (Last:86.01)