The 10/21/23 blog “Crude Oil Update – 10/20/23” illustrated that Crude Oil (CL2!) had peaked at a Fibonacci .66 retracement of its prior drop. The top came at a Fibonacci .66-Fibonacci time ratio.
The 30 – minute CL2! – chart courtesy of Trading View updates the action.
Today 10/24/23 CL2! – broke decisively below important chart support in the 84.40 area.
Traders are holding a 25% position in the Ultrashort Bloomberg Crude Oil fund – symbol (SCO).
Add another 25% position to SCO at the open of the main U.S. stock trading session 9:30 AM – EDT 10/25/23. Use a move above CL2! – at 85.22 as a stop loss on the second 25% position.
Four Dimension Trading 