The futures bottomed 33 cents above the 66.39 ‘d’ target of a reverse pattern I flagged here last week, hinting that the riffraff was in there bottom-fishing. No matter, since we can always figure out ways to keep a couple of steps ahead of the clowns. For starters, I’ve moved the point ‘a’ high to the left, using a ‘locked’ high to form a reverse pattern that few if anyone will see. Bottom-fish the 65.27 target with as tight a stop-loss as you can craft if the opportunity arises. More immediately, the rally would trigger a ‘mechanical’ short if it touches the red line (p=71.49, although I am recommending the trade only to ace Pivoteers who know how to calculate the appropriate stop-loss.
CLZ24 – December Crude (Last:69.49)
