Crude Oil down on profit-taking

Sort of Symmetrical Triangle formation but more Ascending Triangle rather than Symmetrical can be seen on Crude Oil Daily chart.  Anyway, I really like price movements within any kind of triangles until it gets really tight and hot, and when it gets broken it's another opportunity where we want to be placing our orders, right? My prediction is a short term prediction where it all depends on further price development. It's going to hit $100,40 soon or later and if it stays above $100 per Barrel we can expect another upward movements later next month. Crude Oil hasn't made the push higher recently in order to break its strong March and April resistance...therefore we can predict where the price can possibly go.

Do not take my prediction as an investment advice !

Crude oil down on profit-taking - TradingView

Crude Oil is still on its way to go down to 100.40 -101.00 .If that touches and bounces off there we could see the price to move to $108.00 or even higher within couple of months or even sooner. Every single run up within the ascending triangle has it's own retracement bounce off lvl.

The 1st big rally started in the beginning of the January 2014 and ended almost 3 months later in the March 2014 where it's retraced to 50% and then ran up again. However, bulls weren't strong enough to break through that time. So we could see and expect much bigger pull back that time but neither bears wasn't that strong to rip the price further down and the triangle formation has begun. Oil price stopped falling down further more and bounced off at 76% Fib Retracement lvl and rallied up again to just make another check point ( Lower high ) within the triangle. So we could all wait for couple of red candles in the red fibo area in order to confirm another price fall. In my case I could say black candles has been spotted and that's where I opened a short positions and now waiting for $100.40 - $ 101.00 to be made within couple weeks. It's going to be the area where I'm going to close my short positions and open buy positions with stop loss slightly below $100.00.

Please do not take this idea as an investment advice.

Do not hesitate to agree or disagree ...

CRUDE OIL 4H CHART - CLOSER LOOK AT THE RETRACEMENT LEVELS