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CL on Bullish 3 Wave
CL is likely to return to its upward trend soon.
It completed a 5 wave down which ended in the 61% retrace region from the prior 5 wave up. This makes it likely it will continue its longer term trend up from here.
It could also be on the C leg of an ABC correction. The C leg will also be bullish.
Basic trading idea is to buy in lower rectangle and tighten stops in upper rectangle. If it's on a 3 wave and not C wave it could go higher than the upper rectangle.
It completed a 5 wave down which ended in the 61% retrace region from the prior 5 wave up. This makes it likely it will continue its longer term trend up from here.
It could also be on the C leg of an ABC correction. The C leg will also be bullish.
Basic trading idea is to buy in lower rectangle and tighten stops in upper rectangle. If it's on a 3 wave and not C wave it could go higher than the upper rectangle.
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