AB=CD ending at downtrendline and upper MLH

13 août 2016

CLU's recent price action hints at prolonged bullishness (which vibes with iea's assessment of a deficit in Q3).

However if we look at the structure there is a very real chance of a drop at 45.50 area where AB=CD ends at both the last downtrendline measured from the top of the advance at the beginning of this year and the upper MLH of a mod schiff that has been capturing the path of price.

Copying BC onto that point projects to the bottom of that same mod schiff (around 43.13)

In the short term i am also weary for bulls as we are at the end of a rising wedge atthe upper MLH. When i copied a minor swing from the AB structure it projected right to the median (at 43.39)

I will be buying that for a target of 45.50 and monitoring to see if we make it past that.

15 août 2016

Note

Did not get my entry... wedge gave only minor retrace. Currently at long target for AB=CD curious for the interaction here