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Crude Oil May 10-13th

Keep an eye on May 10-13th as we could be setting up into counter trend Top

then run down. Initially I was expecting a Low into this date but it appears that

market structure is pointing towards a Minor Top instead which is why it is

important to wait for the dates to roll in and then examine the position of the market

leading into the date which increases our chance of being correct and gives us a clearer

picture of how price is setting up into the target date. Note we also had a small counter trend reaction leading into Apr 26th which is similar in time and amplitude to the current

reaction so it will be important to see if price holds below May 10-13 which comes out over the weekend and begins to move lower - this is the first trigger date to watch as the current reaction is larger in time and amplitude against all the recent swings and if you study the

smaller decline out of Apr 5th Top there are two waves down which are significantly larger

than the two waves up another indication of price weakness.

The Chart below also presents some price calculations and percentage areas to watch but my main objective at the moment is to put this Forecast up outlining the May 10-13th date as a potential short entry point and over the next few days I will try to complete the second part of the analysis which will contain a date to watch for Low which I have already so these notes will make up Pt 1 of the Forecast


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