Crude Oil - July 2015 - Time At Mode Analysis I'll call this "NEUTRAL" because the uptrend is still trading around the MODE, which is now 15 days and is at today's range (See chart).
The DOWNTREND from the high is in place, but the price is at that mode also.
So, it appears likely that we are forming a triangle here because no trend is "strong" at this point.
You can see that the uptrend time expired nicely and we've had a logical correction, but the sellers are not "in control" so the market is just sitting here marking time going sideways or treading water.
Two last things: The green triangle is a "RANGE EXPANSION RALLY" day yesterday, which is bullish. The RED or PINK triangle is a "Range Expansion Decline" day, which is bearish, but the whole decline was retraced, so that is now neutral-bullish.
The biggest take-away here is if crude goes over 61 you simply have to look at the market as being constructive. If crude is under 59, it must get back under 58 in short order or else it is just a neutral market chopping around to find it's footing.
I hope this helps. Maybe you can just trade the chop or leave it alone until a trend sets up again. I'm leaving it alone here. That's how I see it.
Tim 59.48 last 9:31AM EST May 22, 2015
