On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $115.13 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $107.05 from $23.45. We held exhaustion below with a $34.04 low and rallied $96.46. The trade above $45.21 warned of renewed strength—we have seen $85.29 of this. The trade above $52.24 has brought in $78.26 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.The break above $57.45-8.02 projects this upward $56 minimum, $101 (+) maximum. We have attained $72.48. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months. The trade above $80.03 brought in $50.47.The trade above $84.58-82 brought in $45.68. The trade above $89.36 brought in $41.14.The trade above $93.05 brought in $37.45. All of the above are ON HOLD.
On a shorter-term basis: I warned of decent strength from $101.18—we have seen $22.00. This is ON HOLD. The trade below $119.15 (-1.3 tics per/hour) has brought in $15.95 of the pressure warned about. The trade below $115.90 (+3.4 tics per/hour) projects this downward $3.20 minimum, $8.85 (+) maximum. We have attained $12.70. We held lower timeframe exhaustion at $106.63-$105.18 with a $106.40 low and bounced $4.76 before rolling over on GLOBEX. We are holding another exhaustion level at $103.46-2.21. The key major formation line at $102.56 (+1 tic per/hour starting at 8:00am) comes in the midst of this, so there is a good likelihood of a decent bounce out of here. If we break below the line decently, this will project this downward $20 (+); but if we break below here decently and back above decently, look for decent short covering. Today has a good likelihood of seeing range expansion.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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