A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Hi everyone!
OK…back to the First Lady of my love Triangle…Crude Oil!
( Yes…Gold will be fine…she’s cheating on me anyway…with some guy named I.M.A. Hedge Fund… 
Monday, we saw Price action continue to weaken..about 2% or so off of Friday’s Close.
Our massive area and Round Number “magnet” of 50.00 is right around the corner, so as we spoke of yesterday…it is certainly within reach.
As I always do, let’s begin with our Monthly view and move in from here.
We have a nice yearly “parabolic” shift here…in that our Key Levels one year ago are still relevant this year.
(Who was that Masked Marauder who said markets do not have a Memory?…)
(click once for captures)
Let’s zoom into the Hourly, and dissect Price action and some Key intraday Levels a bit more…
So we have a couple of probable options here. although that little consolidating hourly channel there before our swing higher may still play a factor.
Below, I have used a “Fractal” Tool, the Wolfwave, which clarifies even more our potential Key levels of direction. Our nice wide channel here is necessary, as we have had plenty of volatility of late in our “Lady of the Black Gold”.
In the Macro-long term…I am of a Bullish view with Crude oil….for several concrete reasons.
We will get to these Fundamental issues tomorrow.
In the interim…let’s see where we fair in Crude…and just see if our retracement and correction areas do, in fact, come into play!
P.S. - If you see Gold…tell Her she owes me for dinner last week.
I.M.A. Hedge Fund can take Her for dinner from now on!…hee hee…