/CL (crude oil futures) has just hit the bottom of the third price target zone hit on the next leg down following the initial reaction/bounce off the top of the T3 zone when it was hit yesterday. The odds of another bounce here are favorable while T4 remains the final price target at this time. Other proxies for this trade are /QM (MINY crude futures), /MCL (Micro futures), USO (+1x ETF), & SCO (-2x ETF). Indirect proxies for a short on crude also doing well today are XLE, XOP, DRIP, XES, & the previously highlighted coal stocks. 60-minute chart of /CL below.
CL 60m June 17th