Crude Coiling Ahead of Next Up-Leg

The more I look at and analyze the pattern the has developed in Crude Oil since its high on 1/25/18 at $66.66, the more I think it is carving out a large coil formation atop the upleg from the June 2017 low at $42.05, which if accurate, means that we should expect another UPLEG that will project to $70.00 when the coil is complete. As long as any forthcoming weakness is contained above the $61.60 area, the bullish resolution to the pattern will be my preferred scenario-- radically altered in the aftermath of the mid-March Bear Trap that probed a potentially serious breakdown at $60.00, but never materialized.

4 05 18 Oil 4 hr 140 GIF
4 05 18 Oil 4 hr 140 GIF
4 05 18 Weekly Crude GIF
4 05 18 Weekly Crude GIF

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