Short CL @ 65.54.
Today, I placed my limit order to short CL at 65.54, since it was the 61.8% retracement of the fall from 65.96 to 64.86. The worse that it went against my position was 65.55; that is, I had at worse a floating loss of $10 per contract. See my first graph. I contend that we are in an intermediate wave c going down. A possible target for intermediate wave c is 61.57, assuming that intermediate wave c = intermediate wave a. See my second graph. Note that intermediate wave b was slightly more than the 38.2% retracement of the fall from 72.90 to 65.80. See my third graph. This underscored how strongly bearish CL has become.
Today, I placed my limit order to short CL at 65.54, since it was the 61.8% retracement of the fall from 65.96 to 64.86. The worse that it went against my position was 65.55; that is, I had at worse a floating loss of $10 per contract. See my first graph. I contend that we are in an intermediate wave c going down. A possible target for intermediate wave c is 61.57, assuming that intermediate wave c = intermediate wave a. See my second graph. Note that intermediate wave b was slightly more than the 38.2% retracement of the fall from 72.90 to 65.80. See my third graph. This underscored how strongly bearish CL has become.