Master Che's  Instablog

8/24/12

9:53EST

Crude:

The immediate term patterns (240m chart) (larger patterns) tell us more regarding the potential downside or upside movements.

On the chart (240m) the turquoise solid line at 95.56 (floating lower wall) is currently the key support; in order to breakdown we must have one closing bar below the floating wall (95.56) if so then the patterns OAV at 95.06 comes into play as the immediate marker (attraction) as such it's a support OAV, the solid black line is the secondary patterns equalizer (96.65) in order to confirm a break-out (upside) it must close (one bar -240m) above the black dotted line (floating equalizer) which currently is at the weekly pivot (purple line) The OAV at 95.06 indicates if we head down to the patterns down target at 93.58 or bounce back up

Smaller scale the bounce from 95.41 must reach 97.15 in order to reverse the current bearish compression readings; from 96.87 to 96.89 the resistance steps up one notch; the current bounce is a bear bounce unless 97.15 is reached

BTW we were in a down extension reached the down straddle target at 95.48 activating the down extension (94.73) but reaching 96.66 cancelled the down extension.

OAV= open apex vector

(click to enlarge)