Hewison Asks Just How Low can Crude Oil Go

Adam Hewison released an update on the Crude Oil market yesterday which roughly squares with my analysis, particularly in my recent post “Has a Top Formed in Crude Oil?“.  I wanted to show you Adam’s video which uses a couple of extra tools and provides it in video format.

Adam is showing the move up off the April consolidation lows into the June highs and drawing a Fibonacci Grid, showing we’re coming into the 61.8% Fibonacci retracement of that zone (though not off the absolute lows earlier in the year).

He writes, “In my new video - “How Low can Crude Oil Go?” - you will see what has happened to crude oil in the last eight days. You’ll will also see what I believe will be the area that crude oil will find support.”

I also wanted to show a quick update on the Daily Structure of Crude Oil:

We’ve perhaps completed an “ABC” up of a larger-scale corrective “B” Wave into Confluence Resistance particularly on the weekly and daily charts.  Reference back to my “Top in Crude Oil” post for insights.

Subscribers to my “Weekly Intermarket Technical Analysis” piece received top-down analysis beginning with the monthly structure, moving down to the weekly, and then analyzing the daily structure, highlighting levels to watch and trading opportunities along the way.

Please check out this new service and see if it might be for you - the service examines a multi-timeframe approach to the 10-Year Note, S&P 500, Crude Oil, Gold, and US Dollar to note inter-market relationships and trading opportunities - professional analysis introduced at only $47 per month.

Corey Rosenbloom, CMT