Elite Swing Trades

[SwingKing]

Right now everybody and I do mean just about everybody is expecting oil to break the Jan low on it's way to a new low under $40 but I'm not so sure. Whenever the general consensus is so one sided it's a good idea to keep your "Plan B" at the ready. So right now $46.50-$45.50 is where I'm thinking this could go very wrong for all the new bears. If and this really is a big if, we start to turn in that specific range I'd be looking for a sharp reversal and a move back up to test the $54.24 high and if that gets taken out I see $60. Now that's my Plan B and I mention it because that would catch the most traders off guard and cause the most pain IMO. The pro's say under $40 is more likely with a $3 bounce somewhere around $43. If we do head down to $43 before we bounce then I'd have to jump on the under $40 bandwagon but for now I'm on watch for a possible reversal before that happens. Now just to jump ahead a minute at this point I think either way it goes we're gonna have some great trading opportunities. The $3 bounce won't be a bad trade but the second time we break that Jan low we should see about a $6 bounce before that final low under $40. So like I was saying either way works for me, lol, I just don't want to get caught watching a reversal take off on me while I'm looking lower.

So the bottom line is if CL fails to hold $45.50ish we'll most likely be headed under $40 but it'll be anything but a direct route. Hope this was helpful.